Valeria Bednarik, chief analyst at FXStreet noted the technical conditions surrounding EUR/USD after Yellen’s cautionary speech today in the US session.
Key Quotes:
“As for the technical picture of the pair, the 4 hours chart shows that the technical indicators are entering overbought territory by the end of the US session, as the price remains pressuring the highs, all of which supports a continued advance towards the 1.1340 level, this month high, en route to 1.1375, the year high.
Should the price extend beyond this last, the rally can extend up to 1.1460, a major static resistance level that contained the pair since early 2015.”
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(Market News Provided by FXstreet)