EUR/USD finds support and regains 1.1200

By FXStreet EUR/USD fell briefly below 1.1200 and hit fresh lows for the day as the greenback benefited from less dovish than expected tone in Fed’s Yellen testimony before the Congress. However, the pair found support at the 1.1160 zone and managed to recover some ground over the last hours.

EUR/USD has been under mild pressure since the European session as stocks opened with a firm tone, weighing on the euro. The pair then accelerated to a low of 1.1159 during the New York trade, but bounced toward the 1.1250 zone in recent dealings. At time of writing, EUR/USD is trading at 1.1236, down 0.52% on the day.

Speaking before the Committee on Financial Services, US House of Representatives, Fed Chair said the FOMC is watching global markets very carefully and added that she continues to think many of the factors holding down inflation are transitory. Yellen assured lawmakers that the Fed will do what is necessary to achieve the mandate.

EUR/USD levels to watch

As for technical levels, next supports are seen at 1.1160/59 (Feb 9 & 10 lows), 1.1055 (200-day SMA) and 1.0964 (100-day SMA). On the other hand, resistances could be found at 1.1310 (Feb 10 high), 1.1337 (Feb …read more

Source:: FX Street