EUR/USD keeps the red near 1.0790 ahead of Yellen

After bottoming out in the 1.0770/65 band, EUR/USD has now gathered some attention and is hovering over the 1.0790 region.

EUR/USD still capped near 1.0830

The pair is prolonging the rejection from recent tops above the 1.0800 handle seen earlier in the week, although the descent seems to have found quite decent support in the vicinity of 1.0770.

The better tone surrounding the buck plus some risk-aversion has been weighing on the spot during the first half of the week, lending in turn some support to the greenback.

Anyway, in terms of the US Dollar Index (DXY), the Dollar stays depressed below the psychological 100.00 handle, navigating the area of multi-week lows in the mid-99.00s.

In the data space, Chief J.Yellen is due to speak later (although unlikely about monetary policy) along Minneapolis Fed N.Kashkari (voter, dovish). In addition, Initial Claims and New Home Sales are also expected.

EUR/USD levels to watch

At the moment the pair is retreating 0.09% at 1.0786 facing the next support at 1.0768 (low Mar.23) followed by 1.0717 (low Mar.21) and finally 1.0704 (low Mar.16). On the other hand, a breakout of 1.0825 (high Mar.22) would target 1.0829 (2017 high Feb.2) en route to 1.0873 (high Dec.8 2016).