15 Jul 2014
EUR/USD bounces after Yellen testimony
FXStreet (Córdoba) - The EUR/USD began to move lower amid jitters minutes before the testimony of Fed Chair Yellen before the US Congress, but bounced before hitting daily lows as the testimony gets underway.
In testimony to the Senate Banking Committee, Federal Reserve Yellen said the bank may move sooner if labor market keeps surprising, but that time is not yet here. “Although the economy continues to improve, the recovery is not yet complete”, Yellen said.
“Exactly what you would expect”, said Jamie Coleman, analyst at FXBeat. “She sees plenty of slack in the labor market and inflation holds below target so she is in no hurry to raise rates”.
The EUR/USD hit a session low of 1.3589, and quickly bounced back above the 1.3600 mark. At time of writing, the EUR/USD is trading at 1.3603, 0.12% below its opening price.
EUR/USD technical levels
As for technical levels, the EUR/USD could find next supports at 1.3586/88 (Jul 15 & 8 lows), 1.3575 (Jul 7 low) and 1.3565 (Jun 20 low). On the other hand, resistances could be found at 1.3650 (Jul 10 high), 1.3675 (200-day SMA) and 1.3700 (psychological level).
In testimony to the Senate Banking Committee, Federal Reserve Yellen said the bank may move sooner if labor market keeps surprising, but that time is not yet here. “Although the economy continues to improve, the recovery is not yet complete”, Yellen said.
“Exactly what you would expect”, said Jamie Coleman, analyst at FXBeat. “She sees plenty of slack in the labor market and inflation holds below target so she is in no hurry to raise rates”.
The EUR/USD hit a session low of 1.3589, and quickly bounced back above the 1.3600 mark. At time of writing, the EUR/USD is trading at 1.3603, 0.12% below its opening price.
EUR/USD technical levels
As for technical levels, the EUR/USD could find next supports at 1.3586/88 (Jul 15 & 8 lows), 1.3575 (Jul 7 low) and 1.3565 (Jun 20 low). On the other hand, resistances could be found at 1.3650 (Jul 10 high), 1.3675 (200-day SMA) and 1.3700 (psychological level).