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EUR/USD Regains Traction

The US dollar plunged after Fed Chairman Powell signalled a slowdown in rate hikes. A close above the recent high of 1.0450 was an encouraging sign that the optimism is still prevailing. But the psychological level of 1.0500 has caused some profit-taking, weighing on the rebound. After a bounce off 1.0300 and above 1.0390, a retest of 1.0500 and a bullish breakout would carry the single currency to its 5-month high (1.0600) against the US dollar. Further down, 1.0220 near the 30-day moving average is a critical floor.

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