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11 Feb 2014
EUR/USD mostly unchanged on Yellen
FXStreet (Edinburgh) - The EUR/USD is now wobbling around 1.3660/80 after Chairwoman Yellen released her statement.
EUR/USD keeps the range
The pair is retracing earlier gains after Janet Yellen informed the Fed would continue tapering its QE programme in measured steps as long as the labour market keeps improving and the inflation heads back to the Committee’s 2% target. She emphasized as well that monthly purchases are not on a preset course and the labour market recovery has still way to go. Market participants will now wait for Yellen’s testimony at 1500GMT.
EUR/USD levels to consider
The pair is now advancing 0.14% at 1.3665 with the next resistance at 1.3689 (high Jan.28) ahead of 1.3716 (high Jan.27) and then 1.3721 (daily cloud top). On the flip side, a breakdown of 1.3615 (30-d MA) would target 1.3611 (100-d MA) en route to 1.3609 (low Feb.10).
EUR/USD keeps the range
The pair is retracing earlier gains after Janet Yellen informed the Fed would continue tapering its QE programme in measured steps as long as the labour market keeps improving and the inflation heads back to the Committee’s 2% target. She emphasized as well that monthly purchases are not on a preset course and the labour market recovery has still way to go. Market participants will now wait for Yellen’s testimony at 1500GMT.
EUR/USD levels to consider
The pair is now advancing 0.14% at 1.3665 with the next resistance at 1.3689 (high Jan.28) ahead of 1.3716 (high Jan.27) and then 1.3721 (daily cloud top). On the flip side, a breakdown of 1.3615 (30-d MA) would target 1.3611 (100-d MA) en route to 1.3609 (low Feb.10).