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Yellen testimony preview: What to expect of EUR/USD

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Nov 4, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Córdoba) - Federal Reserve Chair Janet Yellen will testify before the House Financial Services Committee, but the focus there will be on banking regulation. As such, Yellen is not likely to comment on monetary policy or the economic outlook, although it cannot be ruled out either.

    Separately, other FOMC members are due to speak today. Governor Brainard will speak on Financial Stability, Philly Fed President Harker on Community Banking, and NYFRB President Dudley on Income Disparity.

    Comments on monetary policy from Fed officials could trigger moves in the market, although in the absence of clear hints at a December lift-off, USD response should be limited ahead of Friday’s nonfarm payrolls report.

    EUR/USD levels to watch

    In terms of technical levels for EUR/USD, immediate supports could be found at 1.0897 (low post-FOMC Oct 28), and 1.0847 (Aug monthly low) ahead of 1.0800 (psychological level). On the flip side, resistances line up at 1.1071 (Oct 30 high), 1.1095 (Oct 28 high) and then 1.1105 (200-day SMA).
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