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EUR/USD Hits Two-Week High as Markets Position for Fed Rate Cut and Powell Remarks
Traders' Opinions
Summary:
EUR/USD extended its winning streak to a sixth straight session, hitting two-week highs as a softer US Dollar and dovish expectations for the Federal Reserve boosted bullish momentum.
Buy
TradingEURUSD
EXP
1.16399
Entry Price
1.18500
TP
1.15400
SL
1.16136 +0.00051 +0.04%
0
Point
Flat
1.15400
SL
CLOSING
1.16399
Entry Price
1.18500
TP
EUR/USD strengthened further on Monday, marking its sixth consecutive day of gains and climbing beyond 1.1630, its highest level in two weeks, as persistent weakness in the US Dollar encouraged renewed bullish interest in the pair. The common currency held firm despite a downward revision to November’s Eurozone PMI readings—an indication that markets are increasingly focusing on the US monetary policy outlook rather than lingering signs of economic softness in Europe.
The Euro’s resilience comes at a moment when the broader narrative is shifting decisively toward expectations of a Federal Reserve rate cut next week. Traders have been steadily pricing in a more dovish Fed following weeks of mixed US data and growing political pressure on the central bank. The Dollar remains under sustained pressure as markets brace for confirmation that policymakers are leaning toward policy easing.
Adding to the dovish sentiment, a Reuters report on Monday suggested that President Donald Trump may announce Kevin Hassett as the next Federal Reserve Chair. Hassett—known for his ultra-dovish stance—has long championed looser monetary policy aligned with Trump’s pro-growth agenda. Should such an appointment materialize, markets would likely interpret it as another signal of prolonged accommodation, weighing further on the greenback.
Later in the session, attention turns to Fed Chair Jerome Powell, who is scheduled to participate in a policy panel at Stanford, California. While Powell is not expected to unveil major policy shifts, traders will listen closely for tone and nuance, especially given rising uncertainty around the Fed’s future leadership. Still, the main macro catalyst of the day remains the ISM Manufacturing PMI release at 15:00 GMT—a report that could either reinforce or challenge the current market conviction around a near-term rate cut.
Technical Analysis 
Technically, EUR/USD continues to show firm upward momentum as the pair attempts to breach the top boundary of the descending channel drawn from early October highs, currently around 1.1615. A sustained break above this level would be significant, marking a potential shift in medium-term trend dynamics and exposing a cluster of resistance in the 1.1800–1.1850 region, corresponding to the highs from late October and mid-November.
Momentum indicators are mixed but still support a cautiously bullish stance. The 4-hour Relative Strength Index (RSI) remains comfortably in bullish territory near 60, suggesting continued buying interest. However, the MACD indicator is hovering near its signal line, hinting at waning upward momentum and raising the risk of near-term consolidation or a minor pullback.
Price action has also been aided by supportive short-term structure. EUR/USD has broken above its immediate resistance at 1.1605, supported by its position above the 50-period EMA and a minor bullish corrective trend line. Still, traders should be mindful of emerging overbought signals on several oscillators, which could temporarily cap upside attempts if profit-taking emerges.
TRADE RECOMMENDATION
BUY EURUSD
ENTRY PRICE: 1.1640
STOP LOSS: 1.1540
TAKE PROFIT: 1.1850
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