EUR/USD back to 1.1350, Yellen eyed

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Oct 21, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    FXStreet (Edinburgh) - The upside momentum in the shared currency seems to have run out of legs in the vicinity of 1.1400 the figure, now taking EUR/USD back to the mid-1.1300s.

    EUR/USD surrenders gains ahead of Yellen

    After being rejected in the boundaries of the 1.1400 handle, spot has sparked the ongoing leg lower to the 1.1350/45 area while market participants have turned their focus to the speech by Chief J.Yellen, due later in the NA session.

    In spite of the current small recovery, the greenback will stay under the microscope, as traders will look in Yellen’s speech for any hint regarding the likeliness (or not) of a Fed’s lift-off before year-end.

    EUR/USD relevant levels

    As of writing the pair is advancing 0.23% at 1.1352 with the next hurdle at 1.1466 (downtrend from May’14 top) followed by 1.1500 (psychological handle) and then 1.1714 (high post-PBoC move Aug.24). On the downside, a breach of 1.1300 (psychological level) would target 1.1240 (55-day sma) en route to 1.1229 (2-month uptrend).
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