Then the comments from Trump that he was not going to fire Powell sent the dollar racing the other way once again. The price is now settled near the mid range of the US session more or less.
EURUSD: The EURUSD surged sharply higher after reports surfaced of Powell’s potential firing, breaking above multiple key technical levels. The initial rally drove the pair back above the 100-hour moving average at 1.1661 and into a swing area between 1.1663 and 1.1691—a zone that also acted as support/resistance back in April and November 2021.
However, the move quickly reversed. The price tumbled all the way down to 1.1614, the lower boundary of another key swing zone between 1.1614 and 1.16309. Since then, EURUSD has bounced modestly, but remains below the 100-hour moving average, keeping short-term sellers in control despite the volatility.
Break above the 100-hour MA at 1.1661
Push back above the 200-hour MA at 1.1697
USDJPY: The USDJPY started the day above a swing are between 148.56 and 148.72. The rumors about the firing sent the pair sharply lower, and back below the swing area, the high from June at 148.012, and back below the broken 38.2% retracement of the move down from the 2025 high back in January at 147.135.
Conversely, if the price can get and stay above 148.019, the buyers would take back more control.
However, the move lacked follow-through. As the firing news was walked back, momentum faded and the price reversed lower. The pair has since found support near 1.3414, with buyers leaning against that level.
On the upside, holding above 1.3414 keeps the focus on resistance at 1.34638 (100-hour MA and 50% retracement). A sustained move back above that key level would give buyers renewed confidence and shift the short-term bias more bullish.
This article was written by Greg Michalowski at www.forexlive.com.Hence then, the article about where has the dust settled in the forex was published today ( ) and is available on forex live ( Middle East ) The editorial team at PressBee has edited and verified it, and it may have been modified, fully republished, or quoted. You can read and follow the updates of this news or article from its original source.
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