Data from the US retail sales control group has beat the streets. The dollar is gathering momentum.
After a strong rally in the beginning of the week, the pair is at a touching distance to the overbought condition ( rsi 67), investors are cautious as they await the CPI data from the us. Meanwhile some profit taking may trigger a sell off to the 1.0670/40 level before the bullish momentum resumes.
Failure to break below 1.1800 confirms that the bullish bias is in play.