EUR/USD slides as Powell’s hawkish stance bolsters US Dollar, US yields surge

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• EUR/USD retreats from 1.0725, as Fed Chair Powell’s comments and higher bond yields strengthen the US Dollar.
• Powell’s hawkish shift, emphasizing the need for potentially tighter monetary policy, propels the Dollar Index by over 0.30%.
• The EUR/USD’s technical analysis suggests a continued downtrend, with key levels to watch at 1.0659 and the 50-DMA at 1.0624, while a move above 1.0700 could signal an upward correction.

EUR/USD retreats from daily highs reached at 1.0725, dives some 0.37% as the Greenback was underpinned by hawkish remarks of Federal Reserve Chairman Jerome Powell and elevated US Treasury bond yields following a 30-year bond auction. The EUR/USD is trading at 1.0666.