Increases in the US Fed Funds rate during the FED's hiking cycles have always preceded a recession.
A simple analysis of the most recent recessions, the amount of rate hikes preceding them and the downward trending channel in which FED Fund Rates have moved suggest the FED only has room for 150bp worth of hikes (or a total of 6 hikes).
OANDA:SPX500USD FRED:FEDFUNDS
Still expecting a temporary upside for EUR.
TP Level 1 : 1.17-1.18.
TP level 2 : 1.21-1.22.
If A Global Recession follows that , it may go for a bottom around 1.00-1.03.
Good luck.