Pair is looking to extend the week long range of 1.1327-1.1454 levels. The bird is caught between EUR/GBP strength and EUR/JPY weakness. Meanwhile, falling Fed rate hike bets is also ensuring the downside remains protected.
Anti-intervention lobby is gaining strength in Japan, hence a technical recovery in USD/JPY is struggling to gather pace. Thus, the spot is failing to cut through the key Fibo hurdle.
The dollar has been hit by the view that the Federal Reserve is likely to stick to a cautious approach towards raising interest rates in the coming months.