The appreciation of dollar assets took place after the FOMC minutes announced that some officials were ready to begin discussing the reduction in asset purchases on dollar assets, which had been very weak throughout the week. The members also stated that the course of the economy will depend significantly on the course of the virus, including progress in vaccines. Thus, the pair retreated from 1.2240 to 1.2156 support. However, it is seen that the macroeconomic data regarding the Euro Zone, which exceeded the expectations, supported the parity increases. In particular, while the Euro Zone consumer price index rose to 1.6 percent in this context, decisions were made to relax restrictions in Italy and the Netherlands for the Kovid-19 outbreak. ECB members are not worried about inflation, and in this context, it was important that Italian Prime Minister Draghi stated that the rise in inflation would be temporary.
On the US side, the dollar assets, which gained value after the FOMC, returned their earnings, despite the above-expected decline in their weekly unemployment pension claims of 440. On the other hand, Philadelphia Fed Manufacturing Index remained well below expectations with 31.5 in May.
After all these developments, the pair can be expected to accelerate its rising from 1.2156, along with resistance levels at 1.2290 and 1.2342, along with the resistance at 1.2243. Especially in this context, the resistance of 1,2243, which had a peak appearance before, is of great importance. However, depending on a possible 1.22 support being passed, it is useful to consider 1.2156 and 1.21 support levels below.