EUR/USD moves to 1.1870 on Yellen, session tops

The greenback suffered another hit, this tome from Chief J.Yellen at her speech at Jackson Hole, sending EUR/USD back to the 1.1860 region, or daily highs.

EUR/USD bid ahead of Draghi

Spot quickly grabbed extra traction after Chair Janet Yellen said, among other things, that risks of excessive optimism are expected to return ‘sooner or later’, while she made no comments on monetary policy.

The pair jumped to the vicinity of 1.1870 after stops around the key area in the mid-1.1800s were triggered, leaving the upside exposed to clinch higher levels ahead of the speech by President M.Draghi later in the European evening.

EUR/USD levels to watch

At the moment, the pair is gaining 0.50% at 1.1859 facing the next up barrier at 1.1894 (high Aug.3) followed by 1.1911 (2017 high Aug.2) and finally 1.2042 (monthly low July 2012). On the downside, a breach of 1.1661 (low Aug.17) would target 1.1657 (5-month up trend) en route to 1.1611 (low Jul.26).