Back
24 Feb 2015
EUR/USD erases daily losses, Yellen testimony eyed
FXStreet (Córdoba) - EUR/USD recovered from lows and trades little changed on the day as Eurogroup assesses Greek list of reforms and markets await Fed’s Yellen testimony before the Congress.
Greece delivered its proposed reforms to the Eurogroup today and finance ministers will hold a conference call to assess the list. If it is approved, Greece will get a 4-month extension of the bailout program.
Meanwhile, main attention turns to Federal Reserve chief, who is due to speak before of the Congress today after last week's FOMC minutes were judged dovish. Yellen semi-annual testimony is scheduled at 15:00 GMT.
EUR/USD was on the defensive during the European session and bottomed out at 1.1295, roughly at the same level it did yesterday, before bouncing. The pair has managed to erase intraday losses and it is currently trading 1.1330.
EUR/USD levels to watch
In terms of technical levels, EUR/USD could face next resistances at 1.1360 (100-hour SMA) and 1.1395 (Feb 23 high). On the flip side, supports are seen at 1.1295 (Feb 24 & 23 lows) and 1.1279 (Feb 20 low).
Greece delivered its proposed reforms to the Eurogroup today and finance ministers will hold a conference call to assess the list. If it is approved, Greece will get a 4-month extension of the bailout program.
Meanwhile, main attention turns to Federal Reserve chief, who is due to speak before of the Congress today after last week's FOMC minutes were judged dovish. Yellen semi-annual testimony is scheduled at 15:00 GMT.
EUR/USD was on the defensive during the European session and bottomed out at 1.1295, roughly at the same level it did yesterday, before bouncing. The pair has managed to erase intraday losses and it is currently trading 1.1330.
EUR/USD levels to watch
In terms of technical levels, EUR/USD could face next resistances at 1.1360 (100-hour SMA) and 1.1395 (Feb 23 high). On the flip side, supports are seen at 1.1295 (Feb 24 & 23 lows) and 1.1279 (Feb 20 low).