EUR/USD reacts to Powell's speech

Source: Dukascopy Bank SA


The interview of Jerome Powell on Tuesday caused high volatility of the EUR/USD, which has resulted in the rate recovering to the 1.0750 level.

A move above the 1.0762/1.0766 range, which captures Tuesday's reversal zone, might encounter resistance in the 1.0800 mark and the 100-hour simple moving average. Higher above, note the 200-hour SMA and the 1.0850 level.

However, a potential resumption of the Euro's decline against the US Dollar might look for support in the 50-hour SMA, the weekly S1 at 1.0713 and the 1.0700 mark. Afterwards, the Tuesday's low might act as support at 1.0670/1.0680.
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