The US dollar consolidates as traders await inflation data later today.
The price is currently hovering under the daily supply zone around 1.2200. A breakout would confirm the bullish MA and put the euro back on track towards 1.24.
However, the pair could be vulnerable to the downside as an overbought RSI indicates overextension. 1.2055 is the immediate support should there be a lack of momentum buyers.
Further down, 1.1990 near the 30-day moving average is a critical level to keep short-term sentiment upbeat.
