The US dollar struggles as the Omicron scare subsides. The pair has been stuck in a narrow range between 1.1230 and 1.1360, because of a lack of liquidity and a catalyst.
Following a bounce from 1.1260 price action is testing the upper band of the horizontal consolidation. A bullish breakout would pop up volatility as sellers rush for the exit.
An extended rally would set 1.1450 as the next target. On the downside, a fall below 1.1260 may prolong the sideways action for a few more days.
