Following a test of the 200– and 100-hour SMAs and the weekly PP at 111.40 early on Wednesday, the US Dollar began a new decline down to the 110.80 mark. This pushed the rate below the bottom boundary of the senior wedge.
Short-term technical indicators are located in the oversold territory. Thus, it is likely that Dollar bulls try to use this opportunity and push the pair higher. It does face the aforementioned resistance cluster that should hinder or even halt any moves above this 111.40 level.
In case weak fundamentals put bearish pressure on the rate, the US Dollar should not fall below 111.60. In general, the expected trading range for today is 110.60/111.40.
