- EUR/USD bulls are in play despite Powell’s hawkishness.
- As long as 1.0000/0.9980 holds, the bulls can aim for 1.0120/50.
Federal Reserve Chairman Jerome Powell at Jackson Hole The speech created some volatility, but not out of the daily range, as he didn’t say anything very different from what the Fed spokesman had already talked about. He’s as tough as any other speaker who keeps the status quo.
The EUR was initially subconsciously shaken, but was not technically deformed on the 4-hour chart. EUR/USD remains above the key support area at 1.0000. The chart below illustrates the uptrend, as long as this support remains intact for the next few days, focusing on 1.0120 breaking above 1.0080. EUR/USD H4 Chart
A bullish harmonic pattern will leave an upside bias on the charts as long as D remains near 0.9900. For the near term, the bulls will be more encouraged if the area between 1.0000/0.9980 is held according to the support area of the W. The neckline of the pattern is the 50% mean reversal of the range between points CD.
Zooming in, we can see that there is resistance between the day’s high and 1.0080. This is a high volume area guarding the target and above 1.0145.
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