Chops as liquidity/event risk a problem.

The EURUSD went directly to target #2 on the headlines from Yellen. That level comes in at 1.1239-45. The low reached 1.1240.

Holding the support level, low liquidity, reevaluation of the headlines...whatever the case, the price has moved sharply higher and trade at new session highs. The initial high stalled just short of the 1.1330 area where there were swing highs form August 19 and August 22. The price has since pierced that level with the 1.1355 and the 1.1365 the next targets (?).

The action is very volatile of course Pick your spots. The market liquidity conditions are subject.

The event ? The chair seems to paint a picture that the finger is on the trigger but there is always the "If" attached. I can see traders on both sides. That argues for leaning against extreme levels. The 1.1330 level - although broken - may become resistance at some point. More patient selling at 1.1355.

On the downside, A move below the trend line on the hourly chart at the 1.1311 area and the 100/200 hour MA at 1.1298 area is a support level. If your fear is too high...wait (or close the screens and enjoy the weekend).