EUR/USD steady below 1.1300 waiting for Yellen

EUR/USD is about to end higher after losing ground during the previous two days. During the last hours the pair moved in a 15 pips range between 1.1283 and 1.1268, consolidating modesty gains for the day.  The euro found resistance today below the 1.1300 handle. Traders await Janet Yellen speech from Jackson Hole.

Greenback is mixed across the board while the euro is higher and among the best performer, erasing part of yesterday’s losses. Particularly the common currency rose versus the pound, boosting a strong recovery in the EUR/GBP pair that from yesterday’s lows it climbed 70 pips.

EUR/USD outlook

According to Valeria Bednarik, Chief Analyst at FXStreet, the pair has been unable to regain the 1.1300 level and inclines the balance towards the downside. “In the 4 hours chart, the price has been capped by a now flat 20 SMA, currently at 1.1300, whilst the technical indicators head modestly lower within bearish territory, also in line with further slides. Anyway, upcoming direction will depend on how the market takes whatever Janet Yellen has to say on the timing of the next US Federal Reserve rate hike.”