-taking operations. As a result, it fell towards the 113.48 support level, before closing the week's trading, stable around the 113.90 level.This decline is natural after strong and sharp gains for the currency pair, which moved on its impact towards the resistance level of 116.35, its highest in five years, at the beginning of 2022 trading.
The recent losses were significant, but some warn that they may extend further in the short term now that market rates are fully aware of the possibility of three to four US rate hikes this year. While some have warned that additional profit-taking could keep the dollar on its back foot for a while, many analysts and economists still expect the US currency to advance further against other major currencies for 2022 in general. While future upgrades to the Fed rate forecast could push the greenback back in late 2022, dollar bulls may be vulnerable to any signs of an inflation reversal, given that the effects of the statistical base will affect the annual rate during most of this year.
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