EURUSD

The pair is trying to hold above the pivot level of 1.16409 after weak US housing data came in below expectations. The news of a ceasefire reducing geopolitical tensions could increase risk appetite, thereby decreasing demand for the safe-haven dollar, which may support EURUSD. However, the main focus of the markets will be on Fed Chairman Powell's speech this evening and the Core PCE inflation data to be released on Friday, which plays a critical role in the Fed's interest rate decisions. Powell's dovish tone and signs of softening inflation could push the pair towards the resistance at 1.17157, while a hawkish stance might bring the support at 1.15661 into play.