EUR/USD Price Analysis: Bulls press up against resistance in countdown to Fed Powell

EUR/USD bulls need a dovish tilt in the Fed chair Powell's speech that could weigh on the US Dollar.
A break of session highs would leave the 1.0720s vulnerable in the near term.
The daily ATR is 100 pips, so there is room for a range extension for the day.

Ross J Burland FXStreet

EUR/USD is hitting a wall of resistance in the New York session as the countdown to the Federal Reserve's Jerome Powell gets underway. He speaks at The Economic Club of Washington, D.C. Signature Event coming up in the next moments.

Leading into the event, the US Dollar came under pressure that gave some life to the Euro bulls. We have seen a rally from the session lows that created a three-push pattern on the 15-min chart and a subsequent burst to the upside an hour after the cash-open on Wall Street.

The following illustrates the break of structure and prospects of a continuation higher depending on the outcome of the Powell event.

EUR/USD M15 chart

The bulls have moved in:

zoomed in ...

However, ahead of the event, there is a reluctance to hold onto positions. Should there be a dovish tilt in the speech, this could weigh on the US Dollar and see the price extend beyond the session highs and eye 1.0720s in the near term. The daily ATR is 100 pips, so there is room for a range extension for the day given the market has only completed around 75% of the ATR so far.

Author

Ross J Burland

FXStreet

Ross J Burland, born in England, UK, is a sportsman at heart. He played Rugby and Judo for his county, Kent and the South East of England Rugby team.

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