Powell underwhelming US Dollar, EUR/USD levels to watch

Joe Perry
By :  ,  US Market Analyst

Powell underwhelming US Dollar, EUR/USD levels to watch

After 24 hours our hawkish Fed speakers, which seemed to be setting up Powell for the easy lay-up, Powell took a 180 degree turn and continued to talk about needing to reach maximum employment and and how inflation is transitory.  Markets were  “disappointed” and ran to buy stocks and sell the US Dollar. 

Source: Tradingview, StoneX

With a weaker US Dollar,  EUR/USD took off.  Levels to watch:

  • Horizonal resistance at 1.1850
  • 200 Day Moving Average, horizontal resistance previous highs, and 61.8% Fibonacci retracement level from the May 25th highs to the august lows at 1.1990/1.2035
  • Above there is a downward sloping trendline near 1.2250, as well as previous highs at 1.2265

If markets reverse and move lower, was the August lows near 1.1666

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Related tags: EUR Forex Powell Trade Ideas

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