EUR/USD is about to end the day lower but significantly above daily lows. The pair bottomed during the American session, after Yellen’s testimony at 1.1158 but then turned to the upside, and had been rising during the last four hours at a modest pace. The pair recently reached levels on top of 1.1260. It is facing resistance around the 20-hour moving average that stands at 1.1265. Today’ decline can be seen as a normal correction taking into account that EUR/USD has risen 500 pips since the beginning of February and peaked yesterday at 1.1337, the strongest level in three months. EUR/USD technical outlook “The technical picture is still bullish, as in the 4 hours chart, the price has quickly recovered above a mild bullish 20 SMA, while the technical indicators resumed their advance within positive territory, after a limited downward corrective move”, said Valeria Bednarik, Chief Analyst at FXStreet. According to her the level to watch to the downside it 1.1120, “as only below this level the pair can be at risk of further declines.” For more information, read our latest forex news.