The Euro felt a bit of heat last week, thanks to a stronger than expected USD. The week ahead looks to be just as important for the US dollar as there are a number of major events that will shape the week.

• New Fed Chair Jerome Powell, gives us an insight into his thinking as he speaks to Congress.
• Eurozone CPI
• US GDP
• Non-Farm Payrolls

We also have Mario Draghi speaking, but we’re getting used to hearing very little new information out of the ECB President.

Key Support and Resistance Levels

Overhead resistance at 1.2500, looks like it is still firmly in place for the time being. The big level that I’m interested in is 1.2200.

If we continue to fall away and break that support level, then we have to assume we are very much in bear territory.

I think the key driver of this will be a USD rally, which might be in the offering if Powell gives us any reason to be bullish on the Dollar.

EUR/USD – 240 min Chart.