USD soars in wake of Powell testimony nL1N35G0EK

Peak for U.S. tightening cycle rises towards 5.75%

Interest rates now seen 5% or higher until June 2024

At start Feb EUR/USD traders bet $22 billion on a rise

They added to longs in wake of the NFP shock nL1N35E0GV

They were buying into a falling market as pair slumped 1.1034-1.0533

Since Powell EUR/USD has fallen to 1.0524 EBS

If traders still long - and very likely are - risk of drop heightened

Target for min tech correction Sep-Feb rise is 1.0459