The dollar is no longer safe enough with the Fed accepting the possibility of a recession. Treasury yields are pushing lower on recession concerns. The price is caught in an ascending triangle in the charts. After a bullish close yesterday, the EUR/USD outlook remained positive on Thursday. The US dollar is being weighed down by Treasury yields, which are pushing lower on recession concerns. The fears of the consequences of the Federal Reserve’s war on inflation have sent the 10-year Treasury yields to a two-week low. -Are you interested in learning about forex live calendar? Click here for details- Fed Chair Jerome Powell did not give investors any hope when he said in his testimony that a recession was a possibility. “Powell’s semi-annual testimony has taken some steam out of the USD, his comments regarding elevated recession risk weighing more than his unconditional commitment to restore price stability,” Westpac strategists wrote in a client note. EUR/USD key events today EUR/USD investors will look for Purchasing Managers’ Index data from Germany and the Eurozone. This news will give clues on whether the activity level of purchasing managers in the manufacturing sector has grown or decreased. It is a leading indicator of economic performance. The EU Leaders’ Summit is expected to start today, where investors expect Ukraine to be approved as an EU candidate. Candidature is the first step toward becoming a member of the EU. The United States will also be releasing PMI data and a jobless claims report, which will show the number of people who filed for unemployment insurance for the first time last week. Finally, Fed Chair Powell will continue with his testimony later today. Get FREE Forex Signals Now! EUR/USD technical outlook: Bulls struggling to break above 1.0600 Looking at the 4-hour chart, we see the price is pushing higher within an ascending triangle. The RSI is trading above 50, and the price is trading above the 30-SMA, showing bulls are in control. It is important to note that bulls have been unable to make consistent higher highs and are experiencing a lot of resistance at 1.0600. -Are you interested in learning about forex signals? Click here for details- This resistance shows many bears stationed at the 1.0600 level, waiting to push the price lower every time bulls take it there. If bulls fail to break through this level, the ascending triangle might be a continuation pattern for the previous bearish trend. All the bears would have to do is break below 1.0500. 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/JPY Forecast: Bulls May Resume as Kuroda Remains Too Dovish Saqib Iqbal 7 months The dollar is no longer safe enough with the Fed accepting the possibility of a recession. Treasury yields are pushing lower on recession concerns. The price is caught in an ascending triangle in the charts. After a bullish close yesterday, the EUR/USD outlook remained positive on Thursday. The US dollar is being weighed down by Treasury yields, which are pushing lower on recession concerns. The fears of the consequences of the Federal Reserve's war on inflation have sent the 10-year Treasury yields to a two-week low. -Are you interested in learning about forex live calendar? Click here for details- Fed… 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.