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11 Feb 2014
EUR/USD wavers as Yellen speaks
FXStreet (Córdoba) - The EUR/USD came under pressure and fell to fresh daily lows as the greenback strengthened on the back of Fed Yellen's comments.
In prepared remarks of her testimony before US Congress, Fed Chief signaled that she will most likely continue the taper path Bernanke started in December, which is dollar bullish. However, the EUR/USD quickly found buyers and bounced following the knee-jerk reaction. The EUR/USD briefly dropped to negative ground for the day and hit a low of 1.3629 but managed to climb back to the 1.3665 zone, where it currently trades, 0.1% above its opening price.
EUR/USD levels to watch
In terms of technical levels, immediate resistances for EUR/USD line up at 1.3682 (Feb 11 high), 1.3700 (psychological level) and 1.3715 (Jan 27 high). On the other hand, supports are seen at 1.3629 (Feb 11 low9, 1.3605/00 (100-day SMA/ psychological level) and 1.3551 (Feb 7 low).
In prepared remarks of her testimony before US Congress, Fed Chief signaled that she will most likely continue the taper path Bernanke started in December, which is dollar bullish. However, the EUR/USD quickly found buyers and bounced following the knee-jerk reaction. The EUR/USD briefly dropped to negative ground for the day and hit a low of 1.3629 but managed to climb back to the 1.3665 zone, where it currently trades, 0.1% above its opening price.
EUR/USD levels to watch
In terms of technical levels, immediate resistances for EUR/USD line up at 1.3682 (Feb 11 high), 1.3700 (psychological level) and 1.3715 (Jan 27 high). On the other hand, supports are seen at 1.3629 (Feb 11 low9, 1.3605/00 (100-day SMA/ psychological level) and 1.3551 (Feb 7 low).