EUR/USD rises on Fed’s Bernanke speech

 Ben Bernanke’s speech at a community baking conference has raised the EUR/USD price to test the 20-hour MA resistance, at 1.3030.

In the speech, besides showing frustration on the slow US recovery, Bernanke is confident that low rates and stricter regulations will ultimately increase loan demand and bank profitability.

“The hourly chart shows price near its daily low, trading below a still bearish 20 SMA while indicators turned flat in oversold levels, with no signs of a stronger corrective movement at sigh, unless a recovery above mentioned 1.3030 area”, says FXstreet.com analyst Ivan Delgado, adding resistances at 1.3065 and 1.3100. Supports might be found at 1.2970, 1.2930 and 1.2890.

Tags: bank profitability, ben bernanke, frustration, loan demand, resistances, sma