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Forex pairs in this Article » EUR/USD (Chicago) - EUR/AUD rallied shortly after the announcements made by Bernanke about the US economy and how there is still work to be done.

Earlier price action

According to Jim Langlands from FXcharts, “in a fairly uneventful session the Euro is near its highs after Janet Yellen reiterated that interest rates will stay low for the foreseeable future, which although it is not new news, is keeping the dollar generally under some pressure. Her comments were counteracted somewhat by the Fed’s Dudley, who said that he was growing more hopeful that the economy is improving, which capped further Euro gains. Also weighing on the dollar today, the Chinese central bank said it would gradually exit from regular intervention in the foreign exchange market and would liberalize the Yuan, with the dollar being perceived as the main loser, as a “reserve” currency. Earlier in the day, the German ZEW economic sentiment rose to 56.4 in November, hitting the highest level since October 2009, above expectation of 54.0.”

EUR/USD Technical Levels

Technically speaking, the pair is offered at 1.3548 and oscillates between the supports aligned at 1.3542 (November 18th highs), 1.3496 (November 13th highs) followed by 1.3458 (November 12th highs) and the resistances set at 1.3579 (October 12th highs), 1.3611 (October 9th highs) ahead of 1.3645 (October 20th lows). According to the trend index on one-hour timeframe analysis, the pair is slightly bullish and navigates below the EMA20.
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