This currency pair is currently trading at a 4-week maximum and, in my opinion, the growth potential of quotations will be limited by the psychological level of 110.00, inasmuch as an increase in interest rates on the interbank market is needed to strengthen the dollar, and there rates have renewed their historical minimum.

Moreover, today the US Treasury will redeem $24 billion of Treasury bonds, which will increase the surplus of dollar liquidity in the financial system, and will have a negative influence on the US currency rate in the short term.

Trading recommendation: flat 108.40 – 109.30.