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.
Disclaimer: All trading ideas and expressions of opinion made in the articles are the personal opinion and assumption of MaiMarFX traders. They are not meant to be a solicitation or recommendation to buy or sell a specific financial instrument.
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