Traders wait for key catalysts to push EUR/USD back above weekly lows. With central banks preparing to tighten monetary policy, US Treasury yields rebounded to a three-year high, and global bonds posted their biggest decline. While the US prepares for further sanctions against Moscow, clashes between Russia and Ukraine continue. Amidst Powell’s aggressive remarks, Covid’s resurgence is another catalyst that needs attention. On Wednesday morning in Europe, the EUR/USD price analysis remains under pressure around 1.1030 as the US dollar resists continuing the previous day’s declines. In addition to cautious sentiment on the part of investors ahead of a speech by Fed Chairman Jerome Powell, bond market losses have also contributed to the decline of the major currency pair. –Are you interested in learning more about STP brokers? Check our detailed guide- Yields soar, bonds crash While Powell’s comments earlier this week are blamed for the recent bond market plunge, St. Louis Fed President James Bullard and Cleveland Fed President Loretta Mester. They most recently approved a 50-basis point (bp) rate hike. It is worth noting that rising money market rates on a 190-basis point Fed rate hike in 2022 also weigh US Treasury yields. Nevertheless, the 10-year US Treasury yield hits its highest level since May 2019 at around 2.41%, while the 2-year yield stands at 2.19% at press time, just hitting a three-year high at 2.198%. It is difficult for the US dollar to support the rise in Treasury yields as market participants anticipate that central banks will resume normal activity after battling inflationary concerns, hopefully after the war between Ukraine and Russia ends. Russian war saga Russia’s ships are playing in Mariupol despite Ukraine’s recent eased stance regarding the brawl between Moscow and Kyiv. Additionally, Western sanctions make the prospects of improvement uncertain. In a recent article, the Wall Street Journal reported that the Biden administration is willing to confiscate Moscow’s gold through the Treasury Department to impose sanctions on more than 300 Russian lawmakers. Other risk-averse factors European politicians are divided over Russian sanctions because of their dependence on Moscow’s oil imports. But unfortunately, the same is causing the market to criticize the bloc, especially in light of the upcoming meeting of the Eurogroup. In addition, there are more Covid variants in Europe and daily viral infections in China, along with new lockdowns, which pose a challenge to market sentiment and EUR/USD buyers. Stock futures have struggled to keep up with Wall Street’s gains and have put downward pressure on the EUR/USD. EUR/USD price analysis via daily open interest The EUR/USD price rose slightly while the open interest slightly decreased. It shows a consolidating price behavior. What’s next for EUR/USD price analysis? Markets are unlikely to be surprised by Powell as he is likely to repeat his earlier hawkish remarks, giving hope to EUR/USD sellers. However, risk catalysts should also be considered. Get FREE Forex Signals Now! EUR/USD price technical analysis: Bulls lacking follow-through The EUR/USD price is wobbling with the broken ascending trendline and the 20-period SMA on the 4-hour chart. The pair is consolidating in a tight range after it posted some gains from the lows of the 1.0960 area. –Are you interested in learning more about forex bonuses? Check our detailed guide- However, the upside remains limited as the volume data gives no clues of bullish momentum. Moreover, the average daily range is only 19%, indicating that the market participants are waiting for a catalyst. 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/CAD Forecast: Posts New 2022 Lows Amid Soaring WTI, Eying Fed Saqib Iqbal 8 months Traders wait for key catalysts to push EUR/USD back above weekly lows. With central banks preparing to tighten monetary policy, US Treasury yields rebounded to a three-year high, and global bonds posted their biggest decline. While the US prepares for further sanctions against Moscow, clashes between Russia and Ukraine continue. Amidst Powell's aggressive remarks, Covid's resurgence is another catalyst that needs attention. On Wednesday morning in Europe, the EUR/USD price analysis remains under pressure around 1.1030 as the US dollar resists continuing the previous day's declines. 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