The currency pair went upwards last week after the comments of the Fed’s head Powell who’s statements were taken as a hint of Interest Rates decrease during the next meeting. EUR/USD approached 1,1285 and even tested it.
Powell has mentioned that the Fed is ready to further stimulate US economics due to the outer risks and stagflation. As for the important data, US CPI was better than expected, but remained unchanged as compared to previous reading, which confirms Powell’s words. US PPI remained unchanged.
We have a Shooting Star signal on the Daily chart, which has a confirmation, because it is close to the resistance line. However, the last candlestick is bullish. If the price is going to jump over the Shooting Star high, the signal will be rejected.
