EUR/USD
The dollar weakened yesterday as the euro and the Swiss franc led the trade. Markets expect today's announcement of Fed Chairman Janet Yellen, from which is expected to understand what will make the institution in the future with the increase in interest rates. Recent economic data, lower oil prices and instability in stock markets gave little hope that in March we will see a further increase in interest rates.
Euro/dollar continued its upwards momentum yesterday, formed a peak of 1.1337. The pair managed to hold the past few sessions over the 200-day moving average above 1.1054.
The bias remains bullish in nearest term for testing 1.1400 before aim in the region of 1.1500.
Immediate support is around 1.1200. On hourly chart below we have a falling star formation that is descending figure, but overall the bullish scenario remains valid.
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