The growth of quotations to the area of the week’s maximum (110.41) is advisable to use to open Sell positions, inasmuch as investors expect that the Fed will begin to cut the stimulus program only from January next year, and against this background, the excess of dollar liquidity will negatively influence the rate of the American currency.

Meanwhile, I do not expect large-scale sales of this currency pair, insofar as it is correlated with the S&P500 broad market index, which updates its historical maximum almost every week. Against this background, investors will buy out drawdowns in this currency pair, which will prevent it from dropping much below the level of 109.00.

Trading recommendation: sell 110.41/110.60 and take profit 109.90.