The USD’s push through resistance in the low 1.37 area earlier this week has not stuck, giving the impression of a ‘false break’ but the USD’s retreat has not yet been significant enough to ease upward pressure on funds more clearly from a technical point of view.

Intraday losses through 1.3695 should see the USD slip a little more obviously but perhaps only to 1.3600/1.3650 in the short run.

Resistance is 1.3785.