On Wednesday, at 13:30 GMT, the US Consumer Price Index and Core Consumer Price index data was released. The USD reacted by declining. The data beat the forecasts, as the US CPI came in at 0.5% instead of the forecast 0.4%. Meanwhile, the US Core CPI was revealed to be 0.6%, compared to the expected 0.5%.
The event pushed the EUR/USD currency exchange rate above various resistance levels and the 1.1400 mark. By 14:00 GMT, it appeared that the rate had pierced the weekly R1 simple pivot point at 1.1405 and had no resistance as high as the weekly R2 simple pivot point at 1.1446. In theory, the pair could aim at the 1.1446 level and the 1.1450 mark.
On the other hand, a potential retracement back down could look for support in the 1.1400 mark, the weekly R1 at 1.1405, before aiming at the December high-level zone at 1.1382/1.1387.
