Ukraine-Russia Crisis

What is certain is that the future is uncertain at this moment with the Ukraine-Russia crisis deteriorating. Investors fear that the crisis will get worse before it gets better with the result of a strengthening U.S. dollar.

Federal Reserve Chair Jerome Powell will testify today at 15:00 UTC before the House and Senate panel. Traders are waiting for hints of a potential half percentage-point rate hike this month. If Powell acknowledges the risks created by the conflict and signals on high inflation, the dollar will rise.

EUR/USD: Below 1.1080, the euro may drop towards 1.10. Short-term resistance is seen at 1.12-1.1250.

GBP/USD: Below 1.3240 we will focus on a next target at 1.3175. Below 1.3170, our next lower target will be 1.30. A short-term resistance is seen at 1.3550.

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