The EUR/USD continued pulling back as the US dollar index (DXY) strength gained steam.
It plunged to a low of 1.0677, the lowest point since January 9. After peaking at 1.1040 on February 1, the pair has retreated by ~3.28%.Last week was a bit muted in the financial market. The main events were a statement by Jerome Powel and otherofficials like Raphael Bostic and Neel Kashkari. These officials pointed to more rate hikes since the tight labor market will make it difficult to fight inflation.
This week will be different as the American statistics agency will publish important economic numbers. On Tuesday, the US will publish the closely watched inflation numbers, which will have an impact on most assets, including stocks and cryptocurrencies.remained sticky in January because of the high service prices. The headline consumer price index is expected to come in at 0.4% on a month-on-month basis and by 6.2% on an annualized basis.
A closer look shows that the pair seems to be forming a double-bottom pattern at about 1.0668. The neckline of this pattern is at 1.0790. In analysis, a double-bottom pattern is usually a bullish sign. Therefore, while the outlook of the pair is bearish, sellers need to successfully clear the double-bottom pattern. If they do, the next level to watch will be at 1.0600.
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