FXStreet (Łódź) -FXStreet Chief Analyst Valeria Bednarik remarks that EUR/USD keeps declining following Fed head Janet Yellen's testimony on Tuesday, hovering close to the 1.3520 level.
"Due to continue speaking before the Senate today, market may have already absorbed most of what she has to say regarding upcoming economic policies, albeit more market reactions should not be disregarded just yet."
"With no other major catalysts for the EUR/USD today, the hourly chart shows a strong bearish tone, with moving averages well above current price and heading south, while indicators are biased lower below their midlines."
"In the 4 hours chart the bearish momentum is even stronger, pointing for a retest of June low of 1.3502, ahead of this year low of 1.3476."
" To the upside, 1.3570 has attracted intraday sellers so recovery up to that level will likely be seen as selling opportunities. "