The EUR/USD pair remains in the red near a weekly low. US Treasury yields reached a 2.5-year high after the US CPI climbed to a nearly 50-year high. Lagarde ruled out faster rate hikes, Barkin remained cautious despite ECB’s hawkish remarks. The calendar will feature the consumer sentiment index in Michigan and inflation in Germany. As of Friday morning, the EUR/USD price is hovering below 1.1400, holding the previous day’s pullback from a three-month high. –Are you interested in learning more about MT5 brokers? Check our detailed guide- In addition, comments from several Fed speakers and the US consumer price index (CPI) put pressure on the pair ahead of Christine Lagarde’s remarks. The major pair pared intraday losses to 0.30% at press time after recent comments by Richmond Fed President Thomas Barkin. The US consumer price index (CPI) for January rose to a near 50-year high and averaged 7.5% for the year compared to predictions of 7.3% and 7.0%. As if high inflation wasn’t already expected, St. Louis Fed President James Bullard recommended a rate hike of 100 basis points through the end of July, as well as beginning balance sheet trimming in the second quarter. Fed Chair Bullard also discussed the possibility of a 50 basis point rate hike in March. Afterward, Federal Reserve Bank of Richmond President Thomas Barkin predicted the US economy would return to previous trends this quarter. Barkin, however, was not as hawkish as Bullard, saying he needed to be convinced that a 50 basis point hike was necessary. Although Fed Chairman Bernanke’s comments were moderate, if not overly optimistic, ECB Chair Lagarde’s remarks provided more evidence that the regional central bank will not be in the bull club anytime soon. ECB’s Lagarde stated that now raising the key interest rate would not reduce record-high inflation in the eurozone but only hurt the economy. The 10-year Treasury yield remains at its highest level since July 2019, rising one basis point to 2.035%, while the S&P 500 futures fell at least 0.30%. Get FREE Forex Signals Now! With the Fed’s dovish stance widening and the ECB refusing to hike rates, the EUR/USD will likely remain weak. On the other hand, the German harmonized index of consumer prices for January will likely come in line with the initial forecast of 5.1%y/y, so the pair will head in the right direction. Following that, pair traders may be amused by the preliminary US Michigan CPI for February, which was anticipated to hit 67.5 versus 67.2 earlier. EUR/USD price technical analysis: Double bottom formation The EUR/USD price has formed a double bottom at 1.1374 and is now paring losses. However, the technical outlook is very negative. The 20-period SMA on the 4-hour chart suggests more losses, while the 50-period SMA provides interim support. On breaking the double bottom, the pair may head towards 1.1330. Further bearish targets lie around 1.1260. –Are you interested in learning more about forex signals telegram groups? Check our detailed guide- Alternatively, the EUR/USD price may find a hurdle around 1.1400 ahead of 1.1440 and then 1.1500. However, the volume data shows a higher probability of downside breakout. Looking to trade forex now? Invest at eToro! Trade Forex Now! 68% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money Saqib Iqbal Saqib Iqbal Saqib Iqbal is a market analyst, prop fund trader and mentor, serving the industry with his analysis and educational content since 2011. The author has great exposure to different financial markets and institutions. He's well-known for his day trading reviews and multiple timeframe analysis. View All Post By Saqib Iqbal EUR/USD Daily share Read Next USD/CHF Price Analysis: Rangebound Despite USD Rise on Upbeat CPI Saqib Iqbal 3 months The EUR/USD pair remains in the red near a weekly low. US Treasury yields reached a 2.5-year high after the US CPI climbed to a nearly 50-year high. Lagarde ruled out faster rate hikes, Barkin remained cautious despite ECB's hawkish remarks. The calendar will feature the consumer sentiment index in Michigan and inflation in Germany. As of Friday morning, the EUR/USD price is hovering below 1.1400, holding the previous day's pullback from a three-month high. -Are you interested in learning more about MT5 brokers? Check our detailed guide- In addition, comments from several Fed speakers and the US consumer price… Regulated Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk.2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk.3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk.4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk.5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.