Just when we thought the Euro is recovering from the Ukraine invasion we saw interest rates rise to decrease inflation as Europe depended a lot on Russian energy which had a huge impact on fuel/gas and coal prices. Around October we saw the euro recover as inflation was decreasing how in April 2023 inflation went from 6.9% to 7%. We will see the Euro weaken until the next announcements.
The US dollar on the other hand has been gaining value due to rising yields and decreasing inflation. The US debt limit has been suspended as the US government had a cashflow problem this should help the US avoid being illiquid able.
EURUSD has failed to break 1.10300 on a weekly timeframe and formed a triple top on a daily & 4-hour timeframe. After the price broke the neckline of the triple it continued to form lower highs and lower lows. Price has broken the weekly lows an we entered at the retest of the low to a major support 1.10550.