Powell's Dovish Tone Supports the EUR/USD Pair

After Powell’s dovish expression, the pair appreciates an improved risk appetite to the level 1.0732 level. Still, risk-positive sentiment is working in the European session, but all eyes will be on the final HCOB Manufacturing PMI numbers for Germany and the Eurozone. These figures are crucial indicators of how well the manufacturing sector is doing in those regions.

Technically, the 200-simple moving average for the 4-hour chart comes to around 1.0755/60 which is the key level that needs to be surpassed for the uptrend to begin. Then, the resistance level will be at 1.0810. On the downside, 1.0650 will hold as temporary support until 1.0600 is reached, after which 1.0560, a static level from November, will be tested.

Resistance 3	Resistance 2	Resistance 1	Support 1	Support 2	Support 3
1.0885	1.0810	1.0760	1.0650	1.0600	1.0560