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  • EUR/USD is gaining steam as the market break to new weekly highs.
  • Fed’s Powell remarks were more dovish than expected, therefore USD negative.
  • Investors will focuse on Powell’s testimony at 14.00 GMT and the FOMC minutes at 18.00 GMT.
     

EUR/USD daily chart
 

EUR/USD trading in a bear trend below its 200-day simple moving averages (DSMAs). The market is currently testing the 100 SMA. The written notes from Fed’s Powell were more dovish than expected, sending USD down across the board.

EUR/USD 4-hour chart
 

EUR/USD is recovering from the weekly lows as the market is testing 1.1245 resistance. The next main resistance is seen at 1.1270 near the 200 SMA, according to the Technical Confluences Indicator.


EUR/USD 30-minute chart
 

EUR/USD is trading above 1.1245 and the main SMAs suggesting that bulls are in charge in the near term. Supports can be seen near 1.1245 and 1.1220, according to the Technical Confluences Indicator.


Additional key levels