EU Bullet Report |EUR/USD Rallies to Multi-Month High as Markets Await Fed Chair Yellen

The EUR/USD soared on Tuesday to its highest level since October 22, rapidly approaching the October 15 main top at 1.1494. From a technical perspective, this is a very important cycle date since it was the day that many investors feel that the markets decided a rate hike by the Fed before the end of 2015 was inevitable. A trade into this level will mean that investors have completely taken out any further rate hikes in 2016.

The Euro was up sharply against the U.S. Dollar today. This signaled a shift in market sentiment towards safe assets. The weakness in the dollar is seen as a response to gloomy global economic data coupled with negative sentiment prevalent in the market over the last two days.

Looking ahead, Fed Chair Yellen’s testimony is likely to grab the eyeballs later today as markets await some clarity on the Fed’s rate hike prospects.

Meanwhile, clearly dovish comments from Yellen may trigger a renewed USD sell-off across the board.

Please note: Try our new trading platform www.easymarkets.com and login with your same username and password you use at easy-forex. Experience better user interface with news, Technical Analysis and charts – all in one page.

Report prepared by the easy-forex VIP desk.

The post EU Bullet Report |EUR/USD Rallies to Multi-Month High as Markets Await Fed Chair Yellen appeared first on Forex.Info.

Source:: EU Bullet Report |EUR/USD Rallies to Multi-Month High as Markets Await Fed Chair Yellen