- Fed’s Powell is not expecting a recession in the United States (US).
- Powell’s optimistic remarks allow the Greenback to inch higher against the Euro.
EUR/USD daily chart
On the daily time-frame, the shared currency is trading in a bear trend below its main daily simple moving averages (DSMAs). This Friday, the US Non-farm Payrolls (NFP) in the United States (US) came in below expectations with only 130K jobs added in August vs. 158K forecast. However, the wages, the Average Hourly Earnings beat expectations with 3.2% vs. 3.1% forecast. Earlier, FOMC Chairman Jerome Powell said he was not expecting a recession in the US. His upbeat comments triggered some modest weakness on the EUR/USD currency pair.
EUR/USD four-hour chart
EUR/USD 30-minute chart
EUR/USD is trading just below the 1.1038 level and the 50/100 SMAs, suggesting a consolidation in the near term. Bulls would need to reclaim 1.1073 resistance to generate upside interest.
Additional key levels