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US dollar changes course, EUR/USD regains 1.0600

FXStreet (Córdoba) - The US dollar failed to hold onto gains inspired by Yellen remarks, with EUR/USD bouncing sharply and regaining the 1.06 mark after hitting fresh 7-month lows.

EUR/USD dropped to its lowest level since April at 1.0549 after Fed Chair Yellen sent a strong signal saying delaying the lift-off too long may risk abrupt tightening later and that she is confident inflation will move toward the Fed’s target.

However, EUR/USD quickly changed course after printing fresh cycle lows, reversing most of its early losses in a matter of minutes. At time of writing, the pair is trading at 1.0615, still 0.14% below its opening price after being 0.76% down at one stage.

EUR/USD levels to watch

As for technical levels, next supports are seen at 1.0549 (7-month low Dec 2), 1.0520 (Apr 13 low), 1.0500 (psychological level) and 1.0462 (2015 low Mar 13). On the flip side, resistances could be found at 1.0636/37 (Nov 27, Dec 1 highs), 1.0700 (psychological level), 1.0762 (Nov 19 high) and 1.0829 (Nov 12 high).

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Valeria Bednarik, chief analyst at FXStreet explained and noted that the dollar cached a bid and soared to a fresh 7-month high against the common currency in the American afternoon, posting 1.0550 before bouncing back.
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