EUR/USD to suffer a steeper decline on a break below 1.21

EUR/USD is down from a daily high of 1.2179, trading around the 1.2140 level. The pair is under mild-pressure, with a limited bearish scope in the near-term, FXStreet’s Chief Analyst Valeria Bednarik reports.

Key quotes

“The shared currency is unable to attract substantial buying interest. Still, the greenback is the weakest, as investors wait for US Federal Reserve chief Jerome Powell, scheduled to testify on monetary policy before Congress.”

“The pair retreated from the critical 1.2170/80 price zone. A steeper decline could be expected if the pair losses the 1.2100 level.”