EUR/USD nears weekly highs but with limited directional momentum

EUR/USD is pressuring weekly highs but lacks momentum as the pair is still below the critical 1.2170 resistance area, Valeria Bednarik, Chief Analyst at FXStreet, reports.

Key quotes

“Dovish comments from US Federal Reserve chief’s Jerome Powell weighed on investors' mood late on Wednesday, as he indicated that rates would remain at record lows until employment and inflation reach the desired levels, which will take longer.”

“The US just published Initial Jobless Claims for the week ended February 5, which resulted at 793K worse than expected.”

“Bulls will have better chances if the pair breaks above the 1.2170/80 price zone.”