The EUR/USD pair has shown a rally of almost 150 pips on Friday in the face to the speeches of Janet Yellen and Mario Draghi at Jackson Hole, both of which have had an impact much haussieur on the pair.
The rally was indeed about 1.18 to 16h at the time of the intervention of Yellen, after a day of hesitation. However, the Fed president did absolutely nothing announced in regards to monetary policy, merely to talk about regulation in the context of a discourse a more or less retrospective.
The fall of the US Dollar is explained finally by the fact that the Dollar had not yet been too much attacked by the traders , faced with the risk that Yellen announcement of half-word a new rate increase by the end of the year.
It is, therefore, the absence of ad in this direction, which affected the us Dollar against the speech of Janet Yellen.
In relation to the intervention of Draghi to 21h, no ad shock is not to face, but the boss of the ECB has also had an upward impact on the european currency, despite the lack of announcement about the end of QE. A slight optimism in some of his statements seems to be sufficient to maintain the increase initiated after Yellen, and the pair EUR/USD continued to gain ground after Draghi.
A final, and the rally started around 1.18 around 16h ended in the evening with a pic of the 1.1941, a threshold that had not been visited since the beginning of 2015.
It should be noted, however, that the second movement of increase found after Draghi is carried out in the absence of many of the trader (which took place at 21h). It will therefore be necessary fauire attention to a potential correction on Monday, all the more that with the benefit of hindsight, the comments made by Yellen and Draghi to Jakson Hole did probably not such movements.
From a graphical point of view, the increase of Friday has been a combination of several key thresholds, and in particular to exceed the peak-to-1.1910 of 2 August. To maintain a profile uptrend, the pair should not correct under 1.1870. Has the upside, the resistances to watch on Monday will be at 1.1950, and on the symbolic threshold of 1.20.
Let us note to finish that the Euro Dollar ended the week on 1.1923 to the closing of the Forex yesterday evening.
Chart EUR/USD H1
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This chart has been realized with the trading platform TradingStation 2 provided by FXCM France.