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EUR / USD rallies in anticipation of Janet Yellen’s speech in the US Senate

The EUR / USD pair is trading up 0.15% on Tuesday, thanks to easing dollar pressure.

On Tuesday, investors cut long positions in the US dollar ahead of the speech of former Fed Chairman Janet Yellen before the Senate profile committee. The dollar index has lost about 0.1% since the beginning of the day.

 

Yellen is expected to urge lawmakers to pass new bills to bolster the economy as soon as possible, otherwise the United States will face a long and painful recession.

 

Expectations of larger stimulus measures in the US could increase the pressure on the dollar, so the dollar index is decreasing ahead of Yellen's speech.

 

Joe Biden nominated Janet Yellen for the post of US Treasury Secretary. The Senate Finance Committee is to decide later on this matter.

 

In Europe at the beginning of the week there is a shortage of important economic news. The main attention of investors is focused on political events in Italy and news about COVID-19. On Monday, the House of Representatives of the National Assembly put forward a vote of confidence in the government of Giuseppe Conte. Today this issue will be considered in the Senate, where the ruling coalition no longer has an absolute majority after the release of Living Italy.

 

It’s important to note that on Thursday the ECB meeting will take place, and today the ZEW institute indexes for Germany are expected to be published.

 

An upward correction movement is developing on the chart from support 1.2050. The nearest strong resistance level 1.2135 is far enough from the current price, so today we expect the growth to continue.

 

  • Resistance levels: 1.2135, 1.2255, 1.2275.

 

  • Support levels: 1.2050, 1.1920, 1.1890.

 

The main scenario is an increase to 1.2135.

 

Alternative scenario is a decline from the current levels and a breakdown of support at 1.2050

 

The current fundamental outlook is neutral. We consider longs on a pullback to 1.2065.

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