fxstreet.com 11 Feb, 2021 13:45 am

Euro set to power higher after Powell's dovishness, bullish developments

Euro set to power higher after Powell's dovishness, bullish developments
Dead-cat bounce – a pattern that EUR/USD traders are familiar with, has its mirror image of consolidation before the next rise, and that may be in sto

The world's most popular currency pair has been holding onto high ground and looks ready to further extend its gains.Dollar weakness remains the main driver of the currency pair.The currency pair is trading between the 100 and 200 Simple Moving Average and momentum is positive.That is well below the Federal Reserve's 2% target.

While investors have responded to CPI, the words of Federal Reserve Chair Jerome Powell have not been fully digested.Weekly jobless claims are due out on Thursday and are set to extend their decline.

Read full story at fxstreet.com