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14 Nov 2013
EUR/USD extends recovery as Yellen speaks
FXstreet.com (Córdoba) - The euro extended its recovery against the dollar, with EUR/USD rising above the 21-hour SMA around 1.3460, as Fed Yellen speaks before the US Senate Banking Committee.
Yellen adds nothing new to yesterday's remarks, saying that she is strongly committed to promote robust recovery in the US. She added that there are dangers both ways, to end QE too early or too late. As for the EUR/USD, the pair managed to climb further toward 1.3470 at the beginning of the speech, and it is currently trading at 1.3465, still 0.1% below its opening price. Earlier, the EUR/USD fell to a session low of 1.3435 in the wake of disappointing GDP figures out from Europe, but managed to regain some ground after disappointing US indicators.
EUR/USD levels to watch
As for technical levels, a break above 1.3470 would open the way toward 1.3497/1.3500 (daily high/psychological level) followed by 1.3528 (Nov 7 high) and 1.3548 (Nov 6 high). On the other hand, supports are seen at 1.3435 (daily low), 1.3400 (psychological level) and 1.3388 (Nov 13 low).
Yellen adds nothing new to yesterday's remarks, saying that she is strongly committed to promote robust recovery in the US. She added that there are dangers both ways, to end QE too early or too late. As for the EUR/USD, the pair managed to climb further toward 1.3470 at the beginning of the speech, and it is currently trading at 1.3465, still 0.1% below its opening price. Earlier, the EUR/USD fell to a session low of 1.3435 in the wake of disappointing GDP figures out from Europe, but managed to regain some ground after disappointing US indicators.
EUR/USD levels to watch
As for technical levels, a break above 1.3470 would open the way toward 1.3497/1.3500 (daily high/psychological level) followed by 1.3528 (Nov 7 high) and 1.3548 (Nov 6 high). On the other hand, supports are seen at 1.3435 (daily low), 1.3400 (psychological level) and 1.3388 (Nov 13 low).