Euro staged an impressive rally yesterday but then reversed at the end of the European session. Hawkish remarks from Fed Chair Yellen right after the US market close led to another 60 pip decline and the pair is now trading near yesterday's opening levels.

The pair is sandwitched between three important moving averages: 200 DMA above (~1.1190) and 50 and 100 DMA below (~1.1145). Judging by yesterday's strong rejection near 1.13, perhaps the most likely scenario is a retest of the seven-month channel bottom near 1.10.

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