In the grand scheme of things, the push and pull in the pair is still something that needs to sort itself out. Buyers are clinging on to near-term support around 109.60 but gains are also still more limited by daily resistance at 110.60-70 as well.
The choppiness in the past few weeks is clearly exemplified by the hourly chart:
As such, until there is a shove either back towards 109.00 or above key resistance around 110.60-70, the pair is still very much caught in a tug of war for now.
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