EURUSD could speed to the upside, slow, pause or go down
Using the words from Yellen about monetary policy:
The EURUSD could speed to the upside, slow, pause or go down after the headlines from the Yellen speech in San Francisco.
The Fed Chair is skating very gingerly in her comments on first blush and this is consistent with the Fed statement. She may "think" the economy may improve, but it may not either. In other words, she and the Fed, are data dependent.
The EURUSD did speed up a bit and tested the 100 hour MA and 50% retracement at the 1.0930 area. However, sellers came in and forced the pair back toward the 1.0900 level. The 1.0881 is a interim floor. The 200 hour MA is more important after testing and holding the level in trading today (see green line in the chart above).
Overall for the week, the pair looks as if it might want to close below the 100 hour MA but above the 200 hour MA (barring a surprise Q&A answer from Yellen). Those levels will provide traders something to base bullish and bearish in next weeks trading.
