The recent FOMC meeting minutes saw the USD strengthen, bringing sellers back in on #EURUSD. Could we see the price continue lower?
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The recent FOMC meeting minutes continued to show the Fed are hawkish which saw the USD strengthen. If this is to continue we could see the price of EURUSD fall.
The ECB is also neutral at the moment despite the rising inflation in the Eurozone. They have recently stated they are not looking to hike rates currently as they feel they need to be flexible in the current market environment.
The weekly time frame highlights the downward trend the market is in. Initially, we expected to see the price rally back towards the key 1.1500 lows in line with the retracement phase. However, the price has failed to break the key highs and instead seen sellers move back in.
The 4hr time frame shows the market has formed a new lower low showing a potential trend reversal. Now the price is forming a lower high we could start to look for short ideas if the price was to change trend on lower time frames.
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