US dollar continues to strengthen, even despite a slight pullback in bond yields during today's session. However, it is worth remembering that yesterday before Congress, Powell said that inflationary pressure was greater than assumed by the central bank. This could be another signal of a change in the monetary policy perspective, even in the short term! Additionally, today at 4:45 PM BST heads of 4 major central banks will take part in a panel discussion at ECB Forum today - ECB Lagarde, Fed Powell, BoJ Kuroda and BoE Bailey which may translate into increased volatility in the markets.
EURUSD pair breaks below the recent local lows and is trading at the lowest level since the beginning of November. A break below 1.16 level will pave the way towards lows from July 2020. We can still see that a large head and shoulders formation is building up, targeting the 161.85 Fibonacci retracement of the last upward wave. Source: xStation5
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