According to the research team at UOB Group, the pair still faces increasing downside pressure.
“While USD is clearly on the defensive, the internal momentum is not as impulsive as we would like and it is unclear if the current weakness could extend significantly lower in the days ahead”.
“Bear in mind that the sharp drop to 110.65 last month was quickly reversed and this level is acting as a strong support followed by the major level of 110.00”.
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“That said, the downside pressure will continue to increase unless USD can move back above 112.00 in the next 1 to 2 days (111.60 is already a strong resistance)”.