The euro with a one-month minimum against the dollar

The euro fell below 1.1800 against the dollar, following Yellen's comments on Tuesday and political uncertainty in Germany after the weekend elections.
The single currency is traded at levels around 1.1750, or the lowest in more than a month.
The start of the depreciation for the euro was set by the election results in Germany and Merkel's indecisive victory. According to market observers, it will probably take several months to form a government, a situation that brings uncertainty to the markets.
In addition, in a statement Tuesday, Janet Yellen confirmed the Fed's position for further gradual raise in interest rates. Yellen, however, also said she was not sure about inflation development.
The breakthrough of the key level of support at 1.1810 could also pave the way for further sales of the single currency against the dollar, according to some technical analysts.
Further clarification on the future direction of the single currency is expected to be given by the ECB meeting, which will be held on 26 October. Until then, EUR/USD is likely to be traded in a range.