US Dollar Forecast: Bearish Market Signals Emerge – Setups on EUR/USD, GBP/USD

The U.S. dollar experienced a significant decline this past week, influenced by dovish remarks from Fed Chair Powell and disappointing U.S. job data. The DXY index dropped nearly 1%, signaling potential continued weakness amid expectations of Federal Reserve easing. Meanwhile, the EUR/USD and GBP/USD saw upward movements, though GBP/USD's rise was tempered by failure to surpass the 200-day SMA, indicating crucial upcoming technical levels for both currency pairs.