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According to FX Strategists at UOB Group, the pair is expected to keep the rangebound theme between 109.10 and 110.65 for the time being.

Key Quotes

24-hour view: “USD just moved below last week’s 109.53 low at the time of writing. The weakness appears to be running ahead of itself and the major 109.10 support is likely out of reach for now. Resistance is at 109.75 followed 110.20″.

Next 1-3 weeks: “USD edged above the top of our expected 109.10/110.65 consolidation range but slumped after touching a high of 110.75. The price action reinforces our current neutral view and we continue to expect USD to trade sideways, still likely within a 109.10/110.65 range”.