Fed’ Chair Yellen testifies today in Congress reporting about the current state of the US economy and applied stimulation measures.
Her speech might lead to increased on the markets.
Support and resistance
Since the middle of October, the EUR/USD pair lost more than 500 points and after it corrected near the level of 1.0897, it is not trading between levels.
MACD’s histogram is in the negative zone. are directed down and indicate low on the market.
Support levels: 1.0897 (0% Fibonacci correction, lower MA of ).
Resistance levels: 1.1074, 1.1038 (23.6% Fibonacci correction).
Open long position, if the price will reached 1.0970, with the target at 1.030, stop loss at 1.0950, trailing stop of 15 points.
Open short positions from 1.0895 with the target at 1.0860 and trailing stop of 15 points.