EURUSD recovers sharply amid strong US GDP, any further bullishness only above 1.11750

Major resistance - 1.1750 (Support turned into Resistance)

EURUSD has recovered sharply from low of 1.11097 made after release of US GDP data. US GDP came at 3.2% seasonal adjusted annual rate in first three months of 2019 much above forecast of 2.2% and previous quarter it was 2.2%.The pair hits high of 1.11740 and is currently trading around 1.11592.

Markets eye US Personal income and spending released today for further direction. US and German 10 year yield and German bund narrowed to 252 basis point from 258 basis point.

On the higher side, near term resistance is around 1.11750 and any violation above confirms minor bullishness and a jump till 1.1225 (10- day MA)/1.12650/1.1300. Any major bullishness above 1.1300.

The near term minor support is around 1.1140 and any break below targets 1.1100/1.0700.

It is good to buy above 1.11750 with SL around 1.1140 for the TP of 1.1300.