Can the buyers remain in control
The EURUSD has extended to new session highs despite Yellens positive, but cautiously positive comments. She did not put a time frame on the next Fed action which helped to weaken the dollar.
Technically, the pair has moved above the 50% retracement of the move down in May at the 1.1356 level. Will it hold the level and resume to move higher now? A move below muddies the water a bit and could see the pair rotate back toward better technical support at the the 1.1295-1.1300 level.
