US dollar drops sharply across the board after Fed Chairman says policy rate is just below neutral. EUR/USD jumps almost a hundred pips and signals to a potential bottom. The EUR/USD pair broke dramatically to the upside boosted by a sharp slide of the US dollar across the board. The pair climbed from 1.1285 to 1.1367 in a few minutes. It erased weekly losses and reached the strongest level in two days. The rally could signal that a short-term bottom is in place at 1.1265 (Nov 28 low). The sharp recovery pushed the price above key technical levels and also on top of short-term moving averages. Currently is trading at 1.1355/65, around the 20-day SMA. Powell defended the gradual interest rate hike policy and said the current level is still low by historical standards, “and they remain just below the broad range of estimates of the level that would be neutral for the economy, that is, neither speeding up nor slowing down growth.” The greenback dropped on Powell’s indication that rates are near neutral. EUR/USD Technical levels If the euro continues to rise, it could face resistance at 1.1345 (Nov 27 high), and then at 1.1360 and 1.1380 and 1.1415. On the flip side, support levels now could be seen at 1.1305, 1.1265 (weekly low) and 1.1235. FX Street FX Street FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market. It was launched in 2000 and the portal has always been proud of their unyielding commitment to provide objective and unbiased information, to enable their users to take better and more confident decisions. View All Post By FX Street FXStreet News share Read Next GBP/USD pops 50 pips on dollar weakness and dovish Powell; Carney sees pound 25% lower on ‘Cliff Edge’ (no deal) Brexit FX Street 4 years US dollar drops sharply across the board after Fed Chairman says policy rate is just below neutral. EUR/USD jumps almost a hundred pips and signals to a potential bottom. The EUR/USD pair broke dramatically to the upside boosted by a sharp slide of the US dollar across the board. The pair climbed from 1.1285 to 1.1367 in a few minutes. It erased weekly losses and reached the strongest level in two days. The rally could signal that a short-term bottom is in place at 1.1265 (Nov 28 low). The sharp recovery pushed the price above key technical… 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.