At 17:00 GMT on Thursday, the head of the US Federal Reserve Jerome Powell started a speech. During the speech he revealed that the current US monetary stimulus would remain intact. However, as the markets appeared to expect additional stimulus, the value of the US Dollar surged.

It resulted in two large red hourly candles, which passed all support levels. By the middle of Friday’s trading, the decline had reached below the 1.1920 mark, as the rate lost 1.06% or 128 pips.

In regards to the future, the rate could look for support in the 1.1900 level and trade sideways above it. However, if this level gets passed, the pivot point at 1.1830 could be targeted.