The US dollar struggles as core personal consumption expenditures fell short of expectations. After falling below the short-term support at 1.2370 the greenback has come under increasing pressure.
An oversold RSI may prompt sellers to take profit, offering the pair a chance to claw back some losses. Though the price action remains vulnerable to the downside. 1.2420 is a major resistance that would cap any velleity to rebound.
1.2200 would be the next target when selling pressure picks up again.
