The US dollar recovers as hot CPI fuels bets of a 50 basis points hike in March. The rally came to a halt at January’s high (116.35).
Profit-taking compounded by new selling triggered a liquidation below 115.50. The medium-term trajectory remains upward and the bulls may be eager to buy the dips. 114.90 is the next support and an oversold RSI may attract bargain hunters.
Further down, the daily support at 114.20 is a major demand zone in case of a deeper correction. A close above the double top could resume the uptrend.
