The EURUSD turned higher and broke above 1.16, but it was not a strong upward move.

The EURUSD has turned bullish on the hourly chart.  There was some dovish rhetoric from Fed speaker, Bullard.  He stated that markets were generally more dovish than the latest FOMC forecasts. More rate hikes could unnecessarily raise recession risks.  He thinks the Fed should hold off on further hikes. 

Last week, the EURUSD enjoyed the Fed chair, Powell’s somewhat dovish stance on the rising interest rates and the U.S. inflation.  However, the momentum was not sustainable and the pair closed just below 1.16 before the U.S. long weekend.

There has been 1 trade from my MT4 EA since the last update.  It was a loss.

The strategy can be found here.

The previous week’s result can be found here.