EURUSD BACK TO NEUTRAL LEVELS AFTER HAWKISH JANET YELLEN SPEECH
Yesterday the EURUSD pair made a fresh 2017 trading high at 1.1296, on the back of weaker than expected U.S CPI figures and retail sales data.
However a 0.25 basis point U.S rate increase and hawkish comments from FED chair Janet Yellen at the FOMC press conference sent the pair crashing lower, toward 1.1191 in a incredibly volatile U.S trading session.
At present the EURUSD pair is back to neutral levels, with a slight negative bias.
Short term resistance is now located at 1.1230 and 1.1257, with downside support now coming in at 1.1204 and 1.1192.
In the medium term, the EURUSD failure to surpass the November 2016 U.S election day high, at 1.1300, may now start to add selling pressure to the pair.
A series of higher time frame technical closes beneath the 1.1166 area, are now needed to cement the EURUSD bearish view.
Whilst a higher time frame close back above 1.1257 is crucial for the pair to retain the recent bullish momentum.