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Forex pairs in this Article » EUR/USD (Edinburgh) - The bid tone around the shared currency is intensifying at the end of the US session on Wednesday, lifting the EUR/USD to the area of intraday peaks beyond 1.3460.

EUR/USD eyes on Yellen

The pair seems to be following the upbeat tone from the US markets, where the bullish sentiment dominates in anticipation of a dovish tone from Yellen’s testimony due tomorrow. The EUR rapidly shrugged off the pessimism from ECB’s P.Praet comments earlier on in the European evening, escalating to 4-day highs near 1.3470 where buyers seem to be quite comfortable so far. Camilla Sutton, Chief Strategist at Scotiabank, argued the technical studies on the pair remains bearish in the short term, “with all signals warning of downside risk. Support lies at the 100-day MA at 1.3356 followed by the 50% Fibo of the July to October rally at 1.3294 while resistance lies at the 50-day at 1.3515”.

EUR/USD key levels

At the moment the pair is advancing 0.21% at 1.3462 with the next resistance at 1.3529 (high Nov.7) followed by 1.3548 (high Nov.6) and finally 1.3589 (high Nov.1). On the downside, a break below 1.3466 (daily cloud top) would open the door to 1.3456 (high Nov.13) and then 1.3390 (low Nov.13).
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