EUR / USD has broken the triple bottom at 1.2125 on the back of the dollar rally. FXStreet analyst Yohei Elam notes that the pair has reasons to fall further, but Powell’s speech today may affect its direction.
“The next support is at 1.21 (early December support), 1.2060 (peak low), 1.2045. Resistance is at 1.2125, 1.2170 (daily high) and 1.2222 (weekly high). ”