The next stop for the bulls might be 148.00. A close above the 147.20 zone could open the doors for more upsides. The next key resistance is near the 147.20 level. On the upside, immediate resistance is near the 146.80 level. This could dent the US Dollar in the short term. The market was looking for a 3.2% rise in the CPI in Dec 2023 (YoY), but the outcome was 3.4%. The pair even settled above the 145.50 level, the 100 simple moving average (red, 4 hours), and the 200 simple moving average (green, 4 hours).įinally, there was a move above the 146.00 level and then the US CPI report was released. Looking at the 4-hour chart, the pair gained pace for a move above the 145.50 resistance.
