The US dollar retreats as the market awaits Fed Chair Jerome Powell’s testimony before Congress. A break above the first resistance of 1.0640 eased some of the downward pressure. Then the bulls managed to lift offers in the supply zone of 1.0690 from a previously faded rebound, opening the door for an extension to the previous spike at 1.0760. 1.0620 is a fresh support should the single currency need to consolidate its gains. 1.0550 is key in keeping the current bounce valid or a new round of sell-off could be triggered.
