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Dollar recovered mildly against Euro and Yen but stays weak against other major currencies after Fed chair Janet Yellen's testimony before Senate Banking Committee. Yellen noted a few risks to law makers including "Brexit". She said that "a UK vote to exit the European Union could have significant economic repercussions". Also, "mixed readings on labor market and economic growth" warranted caution together with "vulnerabilities" in the global economy. Nonetheless, she's optimistic that the headw…
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Markets Steady as Fed Chair Yellen Watched
Markets are relatively steady today as traders and investors await Fed chair Janet Yellen's testimony before Senate Banking Committee. Markets are also having another eye on news regarding the Brexit referendum on June 23. A YouGov poll for the Times newspaper showed 44% support "leave" and 42% support "remain. Another poll by ORB for the Daily Telegraph showed 53% support "remain" and 46% support "leave". Overall, the strong rally in pound and stocks this week suggests that the markets believe …
Technical Analyses
EURUSD rallies upwardsThe EURUSD pair traded with strong positivity yesterday to begin testing 1.1400 barrier, showing some slight bearish bias affected by stochastic current negativity, waiting to gather enough positive momentum to push the price to resume the bullish bias that its next target located at 1.1494. Therefore, our bullish overview will remain valid and active for the upcoming period supported by the EMA50, noting that breaching the targeted level will extend the bullish wave to rea…