Persistent Powell sends the dollar lower, euro bullish momentum back in focus
Jerome Powell’s testimony in front of the U.S. House Financial Affairs Committee stressed that the Fed anticipates a more gradual pace of rate rises in the future. Markets now factor in just one more 25-bps hike before seeing the Fed pause, while the ECB is on track for another two 25-bps hikes – which are largely priced into market expectations
EURUSD is in a clear downtrend. If it enters the 1.0910 - 1.0920 price zone, the possibility of a reversal is high because that is the current major resistance area.