EUR/USD Saved By Very Dovish Powell
Rony Nehme | Feb 24, 2021 03:34AM ET
US Fed Chair Powell downplayed rising inflation concerns pledging to keep rates low yesterday and thus his testimony helped stocks recover from their sessions lows and the EUR/USD to resume the minor uptrend for now.
But rising sovereign bond yields coupled with Germany's slow vaccine delivery could continue to limit the single currency's progress.
Bulls need to break the key important pivotal resistance at 1.2175 to open doors for further near-term strength towards 1.2215.
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