EURUSD produced Bearish Hammer on FED Chair Yellen Remarks

EUR was correcting higher since the start of 2017 but pair could not clear 1.0810. Rejected from Support turned resistance, Highlighted in black this area remained support for EUR rally in 2016 when EUR was opted as Safe Heaven currency by traders. Once US Elections past, Dollar bulls are back and would love to pair US dollar against relatively weaker currencies like Euro and Yen.

We have fundamentals and technicals aligned here as EUR/USD has produced bearish hammer as result of FED Chair Yellen remarks yesterday. Traders can take short positions as risk/reward parameters look attractive. Next supp is @1.0493. We are already short on Euro against GBP . Those who don't have Euro exposure in existing trades may open short.