EUR/USD under bullish pressure ahead of Fed Powell’s speech

The EUR/USD bulls will attentively look for any dovish hints in the Fed chair Powell’s speech that could weigh on the US dollar. the pair is trading at 1.0726 at the time of writing.

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. So far, the EUR/USD pair is hitting a wall of resistance in the US 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.