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EUR/USD falls below 1.1200 after Yellen remarks

FXStreet (Córdoba) - EUR/USD dropped more than 60 pips and dipped back below the 1.12 mark as the dollar received a boost after Federal Reserve Chair reaffirmed its intention to raise rates this year.

Speaking at the Philip Gamble Memorial Lecture, University of Massachusetts, Janet Yellen said she expects a rate hike later in 2015 based on expectations of continued falling unemployment and fading economic headwinds.

EUR/USD fell to a low of 1.1172 and continues to trade near lows to enter the Asian session on the defensive.

EUR/USD technical levels

In terms of technical levels, on the downside supports are seen at 1.1164 (Sep 24 low), 1.1145 (100-day SMA) and 1.1104 (Sep 23 low). On the flip side, resistances could be found at 1.1300 (psychological level), 1.1329 (Sep 21 high) and 1.1372 (Sep 14 high).

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