EUR/USD keeps pushing up

Euro managed to rise versus the greenback yesterday despite the declines in French and Italian industrial production. Today EUR/USD made a move higher in Asia and then calmed down in the $1.3665 area ahead of the Fed Yellen’s testimony (13:30 and 15:00 GMT). If Yellen sounds dovish, euro may climb higher.

The pair’s currently trading above resistance line from the end of December and above the 55-day MA at $1.3640. Analysts at Commerzbank claim that the possibility of the pair rising to $1.3735/40 has increased. Still they think that the bearish move is delayed, but not negated. JP Morgan says that an increase above $1.3676 could bring EUR/USD to $1.3795, but only a decisive hourly close above $1.3820 would get $1.3880/1.3973 into focus.

Resistance is at $1.3705, $1.3725, $1.3745, $1.3800. Support is $1.3640, $1.3607 and $1.3590.

Chart. Daily EUR/USD

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