Adrian_Armentia

EURUSD bearish below 1,1768- Jerome Powell in the spotlight

FX_IDC:EURUSD   Euro / U.S. Dollar
Hello traders,

Jerome Powell is going to deliver his first testimony about monetary policy today at 16:00 GMT +2. Either today and tomorrow´s testimony in the senate are going to be crucial in order to catch more interest rate hike signs.

Currently EURUSD is facing a clearly bearish medium term trend, unable to clearly break the 1,1768 level, quoting below the 50 SMA and unable to break the 0,386 FIBO neither.

ECB is not expected to have interest rate hikes at least untill summer 2019, even though inflation and GDP growth are aproaching targets.

While EURUSD remains below 1,1768 the bearish trend will prevail; lets see Powell´s comments!!

Enjoy your trading!

Have a look at my previous forecasts:

JPM


UKOIL


Trade active: Today we have the NFP event at 14:30 GMT +2, with 190k of increae expected.

From a technical point of view the EURUSD remains bearish quoting just above the USD 1,1556 support level.

This support levels is a critical level since 2015, acting as a key resistance at the beginning, while becoming in a strong support afterwards during 2018.

In order to be broken we would need an important market mover, such as today's one; so if the NFP boost the interest rate hike expectations further, this support will be in danger.

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