EUR/USD Flat After Yellen’s Speech

The EUR/USD turned higher after disappointing US jobs report but then stablilized as Yellen struck a positive tone on US economy and remarked that rates will rise gradually but concerns rose regarding the timing of the rate hike. The EUR/USD has to break the 38.2% Fibonacci expansion 1.1400 in order to open the door for a bullish wave toward 1.1435, 1.1465 and 1.1495 respectively.

However, the EUR/USD remains under pressure ahead of ECB meeting due on Thursday and “BREXIT” vote, and cutting 1.1325 will continue declining toward next support points 1.1285 and 1.1265.

EUR/USD Daily Chart

Note: This analysis is intended to provide general information and does not constitute the provision of INVESTMENT ADVICE. Investors should, before acting on this information, consider the appropriateness of this information having regard to their personal objectives, financial situation or needs. We recommend investors obtain investment advice specific to their situation before making any financial investment decision.

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