Euro/dollar is trading below the 1.2360 line, erasing gains seen in the previous week. The pair was already hit by some EZ QE talk, managed to lift its head temporarily on a balanced FOMC statement, but then came Yellen. We usually see the full reaction to Fed decisions taking time. What are the levels to watch? Yellen basically said that rates will rise in 2015, erasing doubts. She did say rates will not rise in the next “couple of meetings” and some markets see it as a hint for a hike in April. Her view on employment was positive and her view on oil prices was a “net positive”. She sees lower inflation as transitory. On the downside, we have some support at the round number of 1.23, but real support comes only at 1.2280. Further support awaits at the 2012 levels of 1.2250. If the fall accelerates, we could see support only at 1.2150 and of course, the July 2012 low of 1.2042, that was reached just before Draghi made his “whatever it takes” speech, is critical support. On the topside, we have 1.24 as initial soft resistance with more important resistance at 1.2450. The round number of 1.25 remains key and the last line we have 1.2570. A bounce could happen if analysts see the dovish side of the Fed statement and Yellen’s cautiousness. Here is how it looks on the chart: Yohay Elam Yohay Elam Yohay Elam: Founder, Writer and Editor I have been into forex trading for over 5 years, and I share the experience that I have and the knowledge that I've accumulated. After taking a short course about forex. Like many forex traders, I've earned a significant share of my knowledge the hard way. Macroeconomics, the impact of news on the ever-moving currency markets and trading psychology have always fascinated me. Before founding Forex Crunch, I've worked as a programmer in various hi-tech companies. I have a B. Sc. in Computer Science from Ben Gurion University. Given this background, forex software has a relatively bigger share in the posts. Yohay's Google Profile View All Post By Yohay Elam Forex News Today: Daily Trading News share Read Next AUD/USD setting new 4 year lows on Yellen hawkishness Yohay Elam 8 years Euro/dollar is trading below the 1.2360 line, erasing gains seen in the previous week. The pair was already hit by some EZ QE talk, managed to lift its head temporarily on a balanced FOMC statement, but then came Yellen. We usually see the full reaction to Fed decisions taking time. What are the levels to watch? Yellen basically said that rates will rise in 2015, erasing doubts. She did say rates will not rise in the next "couple of meetings" and some markets see it as a hint for a hike in April. Her view on employment was positive and… Regulated Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.