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EUR/USD edges lower as Yellen testifies

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Feb 10, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    EUR/USD edged slightly lower and made new lows for the day as Federal Reserve Chair Janet Yellen testifies before the Congress.

    At her Semiannual Monetary Policy Report to the Congress, Yellen reiterated that the Fed expects economic conditions to warrant gradual rate hikes. She added that equity declines and dollar strength could weigh on economic activity.

    EUR/USD fell to a low of 1.1221 as the knee-jerk reaction, but overall remained little changed near 3 ½-month highs. Markets are now waiting for Yellen’s Q&A.

    EUR/USD technical levels


    At time of writing, EUR/USD is trading at 1.1232, down 0.53% on the day. On the downside, next supports are seen at 1.1160 (Feb 9 low), 1.1055 (200-day SMA) and 1.0964 (100-day SMA). On the flip side, resistances could be found at 1.1310 (Feb 10 high), 1.1337 (Feb 9 high) and 1.1410 (Oct 13 high).
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