The euro has erased recent trading gains against the US dollar, following hawkish comments from Federal Reserve Chair Jerome Powell during his testimony before US Congress. The EURUSD pair is turning bearish across the four-hour time frame, with the MACD indicator turning lower and price now trading below the 200-period moving average on the mentioned time frame. Sellers will once again target the 1.1600 level, while buyers will look to stabilize price above the 1.1684 level.
The EURUSD pair is strongly bearish while trading below the 1.1650 level, key support is found at the 1.1612 and 1.1554 levels.
If the EURUSD pair moves above the 1.1684 level, buyers may once again test towards the 1.1700 and 1.1724 resistance levels.
