EUR/USD edges lower as Yellen testifies

By FXStreet EUR/USD edged slightly lower and made new lows for the day as Federal Reserve Chair Janet Yellen testifies before the Congress.

At her Semiannual Monetary Policy Report to the Congress, Yellen reiterated that the Fed expects economic conditions to warrant gradual rate hikes. She added that equity declines and dollar strength could weigh on economic activity.

EUR/USD fell to a low of 1.1221 as the knee-jerk reaction, but overall remained little changed near 3 ½-month highs. Markets are now waiting for Yellen’s Q&A.

EUR/USD technical levels

At time of writing, EUR/USD is trading at 1.1232, down 0.53% on the day. On the downside, next supports are seen at 1.1160 (Feb 9 low), 1.1055 (200-day SMA) and 1.0964 (100-day SMA). On the flip side, resistances could be found at 1.1310 (Feb 10 high), 1.1337 (Feb 9 high) and 1.1410 (Oct 13 high).
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Source:: FX Street