EUR/USD pair steady before Bernanke testimony

EUR/USD cross remained almost without change during early European session on Wednesday, as markets await the economic testimony of FED Chairman Ben Bernanke today.

The pair reached 1.2939 during Asian session, highest value since May 15th, after which the euro positioned itself versus US dollar at 1.2911-1.2920 levels. Support was likely to be received at 1.2840, yesterday lowest value, while resistance was expected at psychological 1.3000 level.

Markets remained cautious ahead of Ben Bernankes testimony at the U.S. Joint Economic Committee. Speculations remained whether FED would scale back its easing program during this year.

Euro gained positions versus British pound, as EUR/GBP reached 0.8517. Ground was gained against Japanese yen as well, as EUR/JPY rose to 132.52. Earlier today it became clear that Bank of Japan did not take actions to change its monetary policy, with base interest rate lower than 0.10%.