The euro has fallen sharply lower against the U.S dollar, following bullish comments on the U.S economy and future U.S rate hikes from the new Federal Reserve Chairman Jerome Powell. The EURUSD pair has so far found technical support just above the February price-low, located at 1.2203, with price-action now trading around the 1.2220 region. EURUSD traders now look towards the release of the Eurozone February Consumer Price Index, and U.S fourth quarter GDP and CORE PCE data later today.
The EURUSD pair is strongly intraday bearish whilst trading below the 1.2273 level, further losses towards the 1.2203 and 1.2161 levels seems possible.
Should EURUSD price-action move back above the 1.2273 level, buyers may test back towards the 1.2292 and 1.2350 resistance level.
