The EUR/USD pair remains under selling pressure this Monday.
Recent remarks from Powell on "60 Minutes" have removed any uncertainty about interest rate cuts in March, with the Fed Chair indicating it's too soon for a rate cut in the next meeting.
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Create account Try a demo Download mobile app Download mobile appThis led to a reaction in the markets, with US 10-year yields and the USD rising. For EUR/USD, this resulted in breaking through a key support zone, which could further support a bearish outlook.
EUR/USD 1 hour time frame chart. Source: xStation 5
Additionally, the USD index analysis shows the bullish trend is still intact, as the technical target for the inverted head and shoulders pattern hasn't been hit, and the price has surpassed the upper boundary of the prior consolidation zone.
USD index. 4 hours time frame chart. Source: xStation 5
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