The US dollar came under renewed pressure after retail sales showed a flatline in April. The latest rebound has struggled to clear 0.9090.
An overbought RSI at this key resistance was a warning of exhaustion. Then a fall below 0.9030 was a confirmation of the bearish MA cross. This is a strong signal that the price action has reversed its course to the downside.
A breakout below 0.8985 could trigger a new round of sell-off towards 0.8930. 0.9050 is the closest resistance if the price goes sideways.
