Having peaked at 1.1311 levels in early Asia, the EUR/USD pair retreated below 1.13 handle and has spent the last few hours consolidating in a 15-pips narrow range below the last. EUR/USD supported on negative equities Currently, EUR/USD trades almost unchanged at 1.1295, having found support at hourly 20-SMA placed at 1.1285. The main currency pair is seen consolidating yesterday’s 180-pips extensive rally and appears to gather pace before the next leg higher. Further, the upside looks more appealing in the EUR/USD pair has markets have almost priced-out a Fed rate hike this year amid ongoing global market turmoil and an era of negative interest rates globally. The CME FedWatch tool shows chances of a rate hike by the Fed in March at 0%, while April chances are 2%, with May at 5%, and 20% before year-end. Looking ahead, Fed Chair Yellen’s testimony is likely to grab the eyeballs later today as markets await some clarity on the Fed’s rate hike prospects. Meanwhile, clearly dovish comments from Yellen may trigger a renewed USD sell-off across the board. EUR/USD Technical Levels In terms of technicals, the pair finds the immediate resistance at 1.1338/50 (Feb 9 High/ round number). A break beyond the last, doors will open for a test of 1.1364/1.1400 (daily R1/ psychological levels). On the flip side, the immediate support is placed at 1.1285 (daily low/ 1h 20-SMA) below which at 1.1216/07 (5-DMA/ 1h 50-SMA) could be tested. For more information, read our latest forex news.