EUR/USD tumbles below 1.0600 as Yellen signals rate hikes

The US dollar jumped across the board after Janet Yellen said that more rate hikes would likely be appropriate. EUR/USD fell quickly from 1.0610 to 1.0575, hitting the lowest level in 4 weeks. 

The pair was holding near the lows with the USD keeping a bullish tone in the market. Yellen was reading the speech and then she will answer questions from senators. 

Waiting too long to tighten would be unwise - Fed's J.Yellen

Levels to watch

To the upside, resistance levels might now be located at 1.0590 (Asian session low), 1.0630 (daily high) and 1.0655/60 (Feb 13 high). On the flip side, support is seen at 1.0575 (Jan 19 low), 1.0550/55 (Jan 10 low) and 1.0510.