(4 votes)

Last Updated Date: 27 August 2021 @ 6:35 AM (UTC)
*Please note that all the dates are in GMT time zone

The dollar paused on Friday as investors awaited a highly-anticipated speech by Federal Reserve Chair Jerome Powell later in the day, following small gains the previous day after fresh calls for early tapering from a few hawkish Fed policymakers.

A dovish tone from the Fed's chief could counter worries about economic damage from the Delta coronavirus variant and fears about political fallout from a bomb attack in Kabul, possibly spurring bids in riskier currencies against the dollar.

The EURUSD market is short term bearish with trade still suggesting a breakout under the 1.1701 weekly low. The formation alerts for washouts near 1.1665. Any corrections will likely hang below last Monday's inside day 1.1750 high and use congestion to bear flag. A close over 1.1790 stops aggressive bear forces. 

Resistance 2       1.1790
Resistance 1       1.1770

Support 1            1.1730
Support 2            1.1701


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