EUR/USD Analysis: All eyes on Powell’s testimony

February 23, 2021

The EUR/USD pair jumped to 1.2175, the highest level this month, and is currently trading at 1.2158. The pair prolongs its upside momentum and remains well supported by the undiminished decline in USD.

Overall, the technical picture looks bullish.

As things stand, Powell’s testimony in Congress will be a key driver today.

The important thing to watch is maybe Powell may make further make reference to inflation and US yields. So, other than that, nothing should change with regard to their monetary policy outlook.