- EUR/USD trades flat near 1.2150, having faced rejection at 1.2180 on Tuesday.
- The pair trades well within Tuesday's indecisive range.
- Lagarde's comments keep the EUR bulls from cheering Powell's dovish comments.
EUR/USD lacks clear directional bias, with bulls refusing to step in despite dovish comments by Federal Reserve's chairman Powell.
"The economic recovery remains uneven and far from complete, and the path ahead is highly uncertain," Powell said in written testimony to the Senate Banking Committee on Tuesday, contradicting widespread optimism that the economy will grow rapidly this year, leading to early Fed tightening.
So far, however, the dollar has remained resilient, keeping EUR/USD sidelined near 1.2150 and well within the range (high and low) of Tuesday's indecisive Doji candle.
According to BK Asset Management's Kathy Lien, the European Central Bank President Christine Lagarde's recent comments on rising bond yields are keeping EUR/USD from cheering Powell's dovish comments.
Lagarde said early this week that board members are "closely monitoring" rising sovereign bond yields, stoking fears of central bank intervention.
Lagarde's comments, coupled with Germany's slow vaccine delivery and continued stock market weakness, could continue to hamper EUR's progress.
The pair may find bids if the German data due at 07:00 GMT carries a big upward revision to the country's fourth-quarter gross domestic product (GDP) reading.
Later Wednesday, the focus would be on Powell's testimony and US housing data.
|Today last price||1.2152|
|Today Daily Change||0.0005|
|Today Daily Change %||0.04|
|Today daily open||1.2147|
|Previous Daily High||1.218|
|Previous Daily Low||1.2135|
|Previous Weekly High||1.217|
|Previous Weekly Low||1.2023|
|Previous Monthly High||1.235|
|Previous Monthly Low||1.2054|
|Daily Fibonacci 38.2%||1.2152|
|Daily Fibonacci 61.8%||1.2163|
|Daily Pivot Point S1||1.2128|
|Daily Pivot Point S2||1.2109|
|Daily Pivot Point S3||1.2083|
|Daily Pivot Point R1||1.2173|
|Daily Pivot Point R2||1.2199|
|Daily Pivot Point R3||1.2218|
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.