EUR/USD At Resistance

EUR/USD reached the resistance level at 1.1480 earlier this morning after the pair posted fresh gains in the last week. The new high comes just before the testimony of FED Chair Janet Yellen, an event highly anticipated by traders and investors.

If the news turn out to be positive, then we might see a shift in trend from bullish to bearish. However, if the tone of Chair Yellen does not suit the market participants, we can expect the pair to break the resistance level and head for higher grounds. Price is now 1.1460, gravitating towards resistance.

Whatever the case, if you have an open position you might want to control your risk exposure by narrowing down on your trade or completely getting out of the market.

Chart: EUR/USD H4