Today we are waiting for the 2nd speech by Jerome Powell, Chair of the Fed. Last time he gave his speech, the USD quickly strengthened against other major currencies. That was the time when investors were sure the new policy will be "hawkish".
Today’s news from the EU have not given the support to european currency. Euro has already fallen under the mark of 1.22 and later we expect testing at the levels of 1.2160 1.2120 and 1.2070.
After analyzing our technical indicators we can state that the market is bearish at the moment. The MACD is below 0, while the RSI is situated in the oversold zone.
We think that the best option is to enter short positions and set the resistance levels as we mentioned above. Also note that while Jerome Powell will be giving his speech, volatility will be much stronger.
EURUSD
Today’s news from the EU have not given the support to european currency. Euro has already fallen under the mark of 1.22 and later we expect testing at the levels of 1.2160 1.2120 and 1.2070.
After analyzing our technical indicators we can state that the market is bearish at the moment. The MACD is below 0, while the RSI is situated in the oversold zone.
We think that the best option is to enter short positions and set the resistance levels as we mentioned above. Also note that while Jerome Powell will be giving his speech, volatility will be much stronger.
EURUSD