Yellen is set to stress that further action is needed to prevent a longer and more painful recession now and long-term scarring of the economy later, arguing that:
Neither the President-elect, nor I, propose this relief package without an appreciation for the country's debt burden. But right now, with interest rates at historic lows, the smartest thing we can do is act big.
The report also adds that Yellen is to affirm the US' commitment to market-determined exchange rates, making it clear that they are not seeking a weaker dollar for competitive advantage, according to officials familiar with her hearing preparation.
Most of the above has already been made known over the past two days, and you can check out more on what to expect from
Further Development
Analyzing the current trading chart of EUR/USD, I found that there is the breakout of the supply trendline, which is sign that buyers took control from buyers.
My advice is to watch for buying opportunities on the dips with the upside targets at 1,2170 and 1,2222.
Additionally, Stochastic oscillator got the fresh bull cross, which is another sign for the upside movement.
1-Day relative strength performance Finviz
Based on the graph above I found that on the top of the list we got Lean Hogs and Wheat today and on the bottom VIX and Lumber.
Key Levels:
Resistance: 1,2170 and 1,2222
Support level: 1,2050
