The US dollar climbed back after the Fed minutes left the door open for discussing tapering. The pair had previously dipped below September 2017’s low at 1.2060, increasing the downward pressure.
The rebound may turn out to be elusive just to let the RSI recover into the neutral area. The price action faces multiple layers of resistance.
After clearing the closest one at 1.2135 early bulls will need to lift 1.2200 to force sellers to start to fold.
On the downside, a return to 1.2010 may send the exchange rate towards 1.1920.
