EURUSD is on a massive run since late early November. A newly formed uptrend is about to be tested by hawkish central banks. FED is on the path to a slowdown while members likely want to hold restrictive market conditions for some time, but markets are already pricing rate cuts this year. Powell, at the last meeting, hinted that no cuts were planned this year. At this meeting, Powell might increase the hawkish tone to balance the slowdown of rate hikes. ECB is set for multiple 50 basis point hikes, the focus will be on what will be ahead.

EURUSD is probably will look for a direction with the central bank decision and jobs report from the US. 1.075 is the support to follow. As long as this support holds, Upside pressures will continue. But the recent slowdown of momentum could be a signal for caution for Euro bulls.