The euro stayed strong from the Tokyo market to the European market because U.S. long-term interest rates went down. In the New York market, when the U.S. PPI was a little higher than expected, people bought the dollar, and the euro dropped to 1.1563. So, it was hard for the euro to go up.
After that, news came out that President Trump might remove Federal Reserve Chairman Powell. This made the dollar weaker, and the euro went up to 1.1720. But then Trump said the news was not true, and the euro fell again to 1.1611. The market moved a lot and was unstable.
Looking at how much the euro came back, it seems that not many people had short positions (bets that the euro would fall). So, now it may be easier to sell the euro again.
Still, because the euro is getting close to its long-term uptrend line, this drop may be near the end.
Expected EUR/USD range: 1.1540 – 1.1680
Note: This information does not guarantee profits. Please make your own decisions when trading.