EUR/USD dropped in the aftermath of the FOMC statement and economic projections, that included the third taper and lower unemployment forecasts. The first move sent the pair around 80 pips and it maintained a safe distance from the all important 1.3830 line.
As the new Fed Chair Janet Yellen talks, the US dollar continues strengthening and the EUR/USD falls below this level. The level is a clear separator but the break still awaits confirmation:
Update: EUR/USD loses uptrend support on second Yellen tumble – the move goes on.
Here is the daily chart:
As the thick black line shows, uptrend support running from early January is getting closer. It stands just under 1.38 in this daily chart.
Another support line is 1.3773, which worked as a double top and was eventually broken. The round number of 1.37 is the next level.
More levels, events and analysis can be found at the EURUSD forecast.
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