The currency pair fluctuated in a range last week below the resistance at 1,1068. EUR/USD started to work out the Shooting star pattern, but there was no significant decline.

The FOMC meeting was the main event last week. They have decided to cut the interest rate for another 25 bp. However, this decision did not lead to any serious USD decline as the investors do not believe the FOMC is going to further ease monetary policy.

Philly Fed Manufacturing index was above expectations and reached 12. However, the indicator was below previous reading.

The currency pair has some chances to develop its downtrend technically as it stays below 1,1068. However, there is no fundamental basis for some significant price movements.