Technical Analysis: EURUSD rebound fades before Fed Chairman Powell’s speech

EURUSD struggles to extend the strongest recovery in a month as anxiety over Evergrande test pair buyers ahead of a speech from Fed Chairman Jerome Powell. With this, the currency major steps back from the weekly resistance line, which in turn suggests further weakness towards the 1.1700 threshold. However, the quote’s downside past 1.1700 will not hesitate to refresh the yearly low near 1.1665.

Meanwhile, an upside clearance of the immediate trend line hurdle surrounding 1.1745 will direct the quote towards a 61.8% Fibonacci retracement level near 1.1760. Even if the EURUSD bulls manage to cross 1.1760, 200-SMA and a descending resistance line from September 03, respectively near 1.1775 and 1.1785, will precede the September 17 peak of 1.1788 to challenge the pair’s further advances. Overall, EURUSD remains pressured but traders await key catalysts for fresh impulse.

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