The US dollar advanced as the US June CPI data beat expectations.
The pair has met stiff selling pressure in the supply zone around 1.1890 once again. Sentiment towards the euro is downbeat as long as it remains under the daily resistance at 1.1970.
The bears have seen recent rebounds as opportunities to sell into strength.
Below 1.1780 sellers have gained conviction and may push towards 1.1720 even though short-term traders may lift their feet off the pedal as the RSI goes oversold. A rebound is likely to be capped by 1.1830.
