The hawkish statement from the Federal Reserve (Fed) at the previous FOMC meeting seemed to have failed to continue to influence the USD currency again recording a strengthening at the end of last week.
That is, the strengthening was stunted due to risk-on market sentiment following several expert studies stating that Omicron infection was much lower as well as the release of US economic data.
Indirectly it has made the demand for the USD slightly reduced and the publication of the US consumer personal spending index in tonight's New York session will be the focus of investors.
The price on the EUR/USD pair chart seems to have already featured a surprise by making daily gains above 70 pips to re -trade above the 1.13000 focus zone.
It is also seen that the price movement seems to want to test the resistance level for December around 1.13500 and the price has already continued to rise at the beginning of the Asian session today (Thursday).
Indications for investors to see a more intact bullish trend continue to appear in line with the price still remaining traded above the Moving Average 50 (MA50) barrier level on the 1 -hour time frame.
The resistance level of 1.13500 will continue to be the focus to be tested and will be evaluated by investors as in recent times the level has often restrained higher price increases.
If the price movement is able to break the resistance level, it is very likely to drive the price in showing a clear bullish signal and is expected to head to the 1.14000 zone.
But instead the support level around 1.12650 will continue to be the most important level to track first if the price returns to make a decline to remain flat.
The price reaction at that level will be evaluated by investors as it regularly supports the upside throughout December trading before it is likely to reach the support zone of 1.12000.
