EURUSD reversed in early May and continues to update lows on the back of a stronger dollar index. Powell speaks today and analysts continue to expect a rate hike.
A technical pullback is forming on the chart after reaching the local low of 1.07597. Most likely, the market maker raises the price to the resistance area, behind which there is a liquidity pool to be reached. The moving averages act as resistance. If you look at the chart closely, you can see the sideways range 1.1075 - 1.0537, the price in the range is traded from the support to the resistance and back (which we actually see).
U.S. Federal Reserve Chairman Powell's speech today! High volatility expected! Analysts expect rate hike to continue, which will be positive for the USD, the currency pair will react accordingly! (All depends on what happens at the time of the release)
Strong resistance: 1.08453 (I expect false-break), 1.08979 (I expect false-break) Strong support: 1.07624, 1.07000 I expect a continuation of the fall, as the market expects the strengthening of the dollar, the EURUSD currency pair may continue its fall after the pullback