Last week, after Chairman Powell’s speech, the euro first went down because traders sold to take profit after a rise of about 140 points. It dropped back close to 1.1600, the level before the rise. After that, worries about politics in France and the Netherlands made the euro fall again to 1.1575.
Later, news about Federal Reserve Board (FRB) Governor Cook possibly being removed caused the dollar to weaken, and the euro went back up to the 1.17 level before closing.
For now, the recent high of 1.1742 after Powell’s speech is seen as the top level.
This week’s forecast range for EUR/USD: 1.1560 – 1.1740 USD
Note: This information does not guarantee profit. Please make your own trading decisions.