EUR/USD: thrown about around an ambiguous Yellen

EUR/USD made fresh lows to 1.1757 when Yellen and Fed's Bostic were speaking at the same time in the early part of the US session. 

Forex today: Yellen dominated; price reactions shows that markets are not convinced

Yellen was the main focus. At first, the market looked into her comments and took them hawkish, but there was an air of dovishness in there also and the euro traded in a choppy range between 1.1791 and the aforementioned low. Once the market digested the full speech and subsequent Q/A session, the euro made a high of 1.1801 with US yields slipping before the euro was moving into a bearish drift to 1.1780 supporting area. 

Essentially, the main takeaway is that Fed will hike rates so long as inflation picks up, which Yellen expects and fears that the Fed might be left too far behind the curve - however, the market is not convinced that she is right and are only pricing in one hike between now and the end of 1.18 compared to the Fed's projections of four rate hikes.
 
EUR/USD levels

However, Valeria Bednarik, chief analyst at FXStreet explained that the EUR/USD pair has shed almost 200 pips since the week started, leaving intraday technical readings within an oversold territory, but by no means suggesting an upcoming reversal. "Now bouncing from the mentioned low, the pair remains well below the daily ascendant trend line coming from mid-August broken on Monday, while  in the 4 hours chart, the 20 SMA has already crossed below the 100 SMA and points to do the same with the 200 SMA, this last in the 1.1890 region, reflecting the strong selling momentum that would likely extend over the upcoming sessions, as long as selling interest contains upward corrections in the 1.1820/30 region. Further declines will expose  1.1661, August monthly low," she argued.