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Forex pairs in this Article » EUR/USD
FXStreet (Edinburgh) - The EUR/USD is drifting to the 1.3660/65 area on Monday, easing ground from overnight peaks near 1.3680 ahead of Yellen’s testimony due in the European afternoon.

Karen Jones, Head of FICC Technical Analysis at Commerzbank, commented the pair “has breached its near term resistance line and in doing so introduced scope to re-test the 1.3740/35 recent high and Fibonacci retracement. While this delays our bearish outlook it does not negate it”.

Against the backdrop of Yellen’s speech before the House Financial Services Committee, Analyst Anders Fischer at Danske Bank suggested, “, if Yellen strikes a dovish rhetoric, a new move higher in EUR/USD should be expected, not least as many short EUR/USD positions were established ahead of the ECB meeting last week”.
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