Fed officials have returned to their previous hawkish sentiments. Some Fed officials are starting to consider a 75 bps rate hike. Investors are waiting to hear from ECB member Frank Elderson later today. Today’s EUR/USD forecast is bearish as the US dollar surges on more hawkish statements from Fed officials. The dollar index, which gauges the dollar’s value against those of six other currencies, had somewhat increased overnight but was unchanged in early trade at 106.39. This week, it increased by about 0.5 percent, reversing the two-week trend. –Are you interested to learn more about low spread forex brokers? Check our detailed guide- “The dollar weakened last week after the (policy-setting) Federal Open Market Committee meeting because the market wanted to believe that the Fed was pivoting in a dovish manner because of slowing growth,” said Sim Moh Siong, currency strategist at the Bank of Singapore. “This week, there are many more FOMC speakers pushing back against this idea, all singing the same tune: ‘we are not done, and you should expect more rate hikes,'” he added. San Francisco Fed President Mary Daly said that a 75-basis-point hike might be more reasonable if inflation continues to rise unabatedly and the labor market shows no indications of slowing down. However, she also kept a 50 basis-point rate hike in mind. EUR/USD key events today The statistical information that policymakers consider for determining interest rates is published in the Economic Bulletin of the European Central Bank (ECB). The report, set to come out later today, also thoroughly examines the present and upcoming state of the economy from the bank’s viewpoint. Investors expect a speech from Frank Elderson, a European Central Bank’s executive board member and vice-chair of the Supervisory Board. His statements frequently include clues about the potential future course of monetary policy. Get FREE Forex Signals Now! EUR/USD technical forecast: Bears heading for range support at 1.01091 Looking at the 4-hour chart, we see the price trading within a range with resistance at 1.02887 and support at 1.01091. We also see that the price has moved steeply from the range resistance toward the range support with bears in control. –Are you interested to learn more about forex bonuses? Check our detailed guide- The price is trading below the 30-SMA, and the RSI is trading below 50, favoring bearish momentum. If this movement continues, we might see the price retesting and possibly breaking below the 1.02887 resistance level. Looking to trade forex now? Invest at eToro! Trade Forex Now! 67% 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 GBP/USD Price Analysis: Sterling Falling Ahead of the BoE Rate Decision Saqib Iqbal 5 days Fed officials have returned to their previous hawkish sentiments. Some Fed officials are starting to consider a 75 bps rate hike. Investors are waiting to hear from ECB member Frank Elderson later today. Today's EUR/USD forecast is bearish as the US dollar surges on more hawkish statements from Fed officials. The dollar index, which gauges the dollar's value against those of six other currencies, had somewhat increased overnight but was unchanged in early trade at 106.39. This week, it increased by about 0.5 percent, reversing the two-week trend. –Are you interested to learn more about low spread forex brokers? Check… 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.