The US dollar remains under pressure as downbeat ADP jobs data fails to impress the market. General sentiment remains bearish as the pair grinds down along the 30-day moving average.
The price action is about to test the February 2018 low of 1.2250. The recent bounce to 1.2350 indicates that sellers may be taking some chips off the table.
A briefly overbought RSI might have prevented bidders to get into the action. One may expect traders to buy the dip when the greenback reaches the said support level.
