EUR/USD continued its upward momentum on Thursday as the prevailing positive market sentiment supported risk-sensitive currencies such as the Euro.
This improved risk appetite can be attributed to dovish comments from Fed Chairman Powell on Wednesday. Powell dismissed the possibility of raising interest rates after the Fed decided to maintain interest rates at 5.25%-5.50% in its May meeting.
The EUR/USD pair increased slightly to nearly 1.0720 during the European session, currently trading around 1.0716.