$EURUSD- Bearish Momentum Ahead of the FederalReserve
On the other hand, dovish statements could lead to losses for the US dollar as this will increase the odds of stopping again. Meanwhile, the leading US jobs indicators could also spur big moves in the forex currency pair, as traders are keen to price in expectations for Friday's NFP report. There is a slowdown in hiring activity, but any hints of another bullish surprise could bring gains for the US dollar even before the actual numbers are released.
After all, slower employment growth could dampen wage increases and lead to weaker inflationary pressures, giving the Fed less reason to tighten monetary policy. And this time, the Fed chair seemed hawkish enough to wake up the dollar bulls. Powell said he does not rule out the possibility of a July rate hike, and indicated that there will likely be more rate hikes this year before the Fed takes a sideline stance, while his comments indicated that he does not see inflation falling back to its target. This year or next year, these interest rate cuts are out of the discussion for now.
It seems that the price is trying to break above the resistance around 1.0910. The 100 SMA is below the 200 SMA, so the trend is still bearish.
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