Hawkish comments from Federal Reserve Chair Powell has throws the dollar around. Powell testifies again today and similar remarks could set 1.1380 as the top of the range for the EUR/USD pair, according to economists at ING.

1.1380 in EUR/USD is a key chart point

“Powell's remarks did sound like a deliberate policy shift on Tuesday and it would therefore seem unlikely that he rows back on them at today's hearing. Similar remarks can help cement 1.1380 as the top of the range – meaning 1.1180-1.1380 could be the range for coming weeks.”

“A break above 1.1380 would be a surprise and open up 1.1440 then 1.1500.”