EUR/USD Price Analysis: Bulls push higher as focus shifts to Powell's testimony

EUR/USD rises on Tuesday, trading at 1.0335 as momentum builds.
Indicators show improving bullish traction, with the pair extending gains above the 20-day SMA.
Fundamental drivers take center stage, with Powell’s remarks before Congress likely to dictate the next move.

Patricio Martín FXStreet

EUR/USD continued its upward trajectory on Tuesday, gaining 0.30% to trade at 1.0335 as buyers extended their control above the 20-day Simple Moving Average (SMA). The pair’s technical outlook appears increasingly constructive, though the upcoming testimony by Federal Reserve (Fed) Chair Jerome Powell may introduce fresh volatility.

Technical indicators point to strengthening bullish momentum. The Relative Strength Index (RSI) has climbed sharply to 46, signaling growing buying interest despite remaining in negative territory. Meanwhile, the Moving Average Convergence Divergence (MACD) histogram is printing green bars, suggesting that bearish pressure has stalled, though a decisive shift into bullish territory is still needed.

Looking ahead, Powell’s testimony before Congress will be the key catalyst for EUR/USD’s next move. Any indication of a shift in monetary policy expectations could drive further volatility. The first key resistance lies near 1.0350, with a break above this level opening the door toward 1.0400. On the downside, immediate support is seen at 1.0280, followed by the psychological 1.0250 handle.

EUR/USD daily chart

Author

Patricio Martín

FXStreet

Patricio is an economist from Argentina passionate about global finance and understanding the daily movements of the markets.

EUR/USD retreats to daily lows near 1.1570

EUR/USD briefly pushed higher earlier in the session, climbing toward the 1.1650 area, but the recovery quickly lost momentum and the pair has drifted back to test the 1.1570 region. A more cautious market mood, driven by the escalating conflict in the Middle East, together with broad-based strength in the US Dollar, is making it difficult for the pair to maintain its footing.

GBP/USD loses the grip, focus is on 1.3300

GBP/USD remains on the defensive on Thursday, hovering around the 1.3320 region. The British Pound is coming under pressure amid growing concerns that rising energy prices could expose the UK economy to stagflation risks, while renewed safe-haven demand for the Greenback continues to weigh on the pair.

Gold falls as demand for the US Dollar resurges

Gold turns lower on Thursday, slipping back toward the $5,100 area. Persistent strength in the US Dollar (USD) is preventing the precious metal from building a meaningful recovery, even as markets remain risk-averse amid the deepening conflict in the Middle East.

Crypto Today: Bitcoin, Ethereum, XRP hold weekly gains despite US-Iran war

The cryptocurrency market is gaining strength on Thursday, building on Wednesday's upswing, which saw Bitcoin reach a weekly high above $74,000. Ethereum and Ripple are moderating their recent gains amid uncertainty stemming from the escalating war in the Middle East.

Two PMIs, two Chinas

China’s economic data are often treated with a degree of caution by global investors. The challenge is not necessarily that the numbers are incorrect, but that they can describe very different parts of a vast and complex economy. Nowhere is that more evident than in China’s PMIs.

Ripple tests recovery strength amid steady ETF inflows, growing retail interest

Ripple (XRP) continues to demonstrate notable resilience as the cryptocurrency market navigates the persistent war in the Middle East after the United States (US) and Israel attacked Iran on Saturday.