EUR/USD reacts to Powell's testimony

Note: This section contains information in English only.
Source: Dukascopy Bank SA


The testimony of the US Federal Reserve Chairman Jerome Powell caused major volatility. Namely, the EUR/USD bounced off 1.1380 to the 1.1240 mark during the testimony. Such an unexpected fundamental event ignored all technical levels.

However, by the start of Wednesday's US trading hours, the EUR/USD had returned to normal trading, as it was finding support in the 50-hour simple moving average, and resistance was provided by the 1.1360 level.

In the case that the rate surges above the 1.1360 level, the 1.1380 mark and the weekly R1 simple pivot point at 1.1378 might act as resistance. Above these levels, note the 1.1400 level and the 1.1429 level where the weekly R2 simple pivot point was located at.

Meanwhile, a passing of the support of the 50-hour simple moving average near 1.1315 might result in the EUR/USD reaching the 100-hour SMA at 1.1290, the weekly simple pivot point at 1.1282 and the 200-hour simple moving average near 1.1270.
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Wed, 01 Dec 2021 14:08:42 GMT

GBP/USD returns to previous levels

The high volatility caused by the US Fed Chairman's testimony resulted in the GBP/USD dropping from the resistance zone at 1.3365 to the 1.3200 mark. However, by the middle of Wednesday's European trading hours, the rate had returned to previous levels, as it had once again used the support zone at 1.3300/1.3380 and was heading to the 1.3367/1.3370 resistance zone. A

Wed, 01 Dec 2021 11:27:44 GMT

USD/CAD returns to support zone

Despite almost touching the 1.2840 high level, the USD/CAD retreated and returned to the support of the 1.2720/1.2732 zone. On Wednesday, the rate was finding support in the zone, as a recovery was possible. A potential recovery of the USD/CAD would most likely encounter resistance in the 50-hour simple moving average near 1.2765 and the 1.2800 level. Above these levels,

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