The price of EUR/USD has failed to overcome the upper limit of the downward channel. Fundamental reason for the decline was the speech of Fed Chairman Janet Yellen to the Committee on Financial Services of the U.S. Congress. Further movement of the pair will depend from the speech of Mario Draghi (15:30 GMT) and the monthly report of ECB (tomorrow 9:00 GMT). At the end of the week the growth of volatility is possible on the background of release of preliminary data on GDP growth in the euro area.
Currently investors are expecting a clear plan of stimulating the economy and inflation in the countries of euro area. From a technical point of view, EUR/USD is more likely to fall within the descending channel. In this case, the targets will be at support levels - 1.3550 and 1.3500. Growth is limited by the resistance at 1.37.
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FXFINPRO Capital Analytical department.