Back
11 Feb 2014
EUR/USD recovery stalls near 1.3680
FXStreet (Edinburgh) - The EUR/USD has fully retraced its steep correction to the 1.3630 area, albeit the recovery seems to have found strong resistance around today’s peaks near 1.3680.
EUR/USD favoured by Yellen’s testimony
Janet Yellen’s testimony is weighing on the greenback and thus allowing another test of the upper band of the intraday range around 1.3675/85. The newly appointed Fed Chair said the FOMC will assess a wide range of data in March and underlined that QE tapering would continue in measured steps unless a notable change in the outlook prompt the Committee to halt the ongoing process.
EUR/USD levels to watch
The pair is now advancing 0.22% at 1.3677 with the next resistance at 1.3689 (high Jan.28) followed by 1.3716 (high Jan.27) and then 1.3721 (daily cloud top). On the flip side, a breach of 1.3615 (30-d MA) would target 1.3611 (100-d MA) en route to 1.3609 (low Feb.10).
EUR/USD favoured by Yellen’s testimony
Janet Yellen’s testimony is weighing on the greenback and thus allowing another test of the upper band of the intraday range around 1.3675/85. The newly appointed Fed Chair said the FOMC will assess a wide range of data in March and underlined that QE tapering would continue in measured steps unless a notable change in the outlook prompt the Committee to halt the ongoing process.
EUR/USD levels to watch
The pair is now advancing 0.22% at 1.3677 with the next resistance at 1.3689 (high Jan.28) followed by 1.3716 (high Jan.27) and then 1.3721 (daily cloud top). On the flip side, a breach of 1.3615 (30-d MA) would target 1.3611 (100-d MA) en route to 1.3609 (low Feb.10).