EUR/USD ahead of Jackson Hole: Will Janet Yellen define us today the mid-term trend for US Dollar?
Today at 14:00 GMT will be the main event of the week in financial markets, as the Fed Chairwoman Janet Yellen will speak at the Jackson Hole Symposium and all traders will be looking for hints of further rate hike by the central bank before the end of the year, or in the other scenario, in September's meeting. However, some experts aren't expecting major information to be delivered by Yellen during this event, which is also an academic symposium and likely it will bring some kind of information that goes on that line.
The technical picture for EUR/USD at H1 chart ahead of that event is still calling for the upside, amid recent US dollar's strengthening. Currently, a bullish trend line from August 24th low can be seen on this timeframe and eventually it should act as dynamic support. EUR could rally towards the resistance zone of 1.1320, in case that Yellen didn't bring clear hints of further hikes on this year. In the hawkish scenario, a breakout below the support zone of 1.1272 can push the pair towards the 1.1209 level.