• NY opened near 1.1600 after 1.1577 traded on EBS overnight, pair slid early on

• 1.1583 traded, buyers emerged however as overnight US yield, US$ slumps resumed

• Those drops intensified on Fed Chair Powell 's comment on rate cuts later this year

• USD/CNH fell below 7.1635, stocks rallied & gold
bounced after the comments

• EUR/USD hit 1.1641 which last traded October 2021, EUR/USD was up +0.46% late in the day

• Techs are bullish; RSIs rising, pair above 10- & 21-DMAs, rally followed May's bull hammer
eurusd


(Christopher Romano is a Reuters market analyst. The views expressed are his own)