24 Feb 2015
EUR/USD back to square one after Yellen's ride
FXStreet (Córdoba) - EUR/USD continues to oscillate in a wider range during the American session driven by Yellen’s comments at the semi-annual testimony before the Congress.
While Fed’s Chairwoman reiterated the normalization of the monetary policy remain data dependant and highlighted that dropping the word “patient” from the statement doesn’t mean that a rate hike will automatically follow.
Markets seem to understand Yellen comments ambiguous, keeping all doors open and offering nothing new. The greenback fell across the board and hit session lows versus most competitors. EUR/USD rallied to a fresh daily high of 1.1357 but failed to sustain gains for long and is back to square one.
EUR/USD technical levels
At time of writing, EUR/USD is trading at 1.1335, little changed on the day. As for technical levels, immediate resistances are seen at 1.1358 (100-hour SMA) and 1.1395 (Feb 23 high). On the other hand, supports are seen at 1.1288 (daily low) and 1.1278 (Feb 20 low).
While Fed’s Chairwoman reiterated the normalization of the monetary policy remain data dependant and highlighted that dropping the word “patient” from the statement doesn’t mean that a rate hike will automatically follow.
Markets seem to understand Yellen comments ambiguous, keeping all doors open and offering nothing new. The greenback fell across the board and hit session lows versus most competitors. EUR/USD rallied to a fresh daily high of 1.1357 but failed to sustain gains for long and is back to square one.
EUR/USD technical levels
At time of writing, EUR/USD is trading at 1.1335, little changed on the day. As for technical levels, immediate resistances are seen at 1.1358 (100-hour SMA) and 1.1395 (Feb 23 high). On the other hand, supports are seen at 1.1288 (daily low) and 1.1278 (Feb 20 low).