FxWirePro: EUR/USD Trade Idea

EUR/USD was trading in narrow range after hitting low of 1.15302. The pair shown jump of almost 100 pips from the low . But big sell-off in GBP and slight broad based buying in USD on rising US trade war tensions with China. The hawkish comment by Richmond Fed President also supporting prices. China has responded to US trade tariff by imposing 25% tariff on 333 products worth $16 billion. Markets eye US PPI and jobless claims for minor movement in the market.  

US 10 year bond yield is trading flat between 3.0160% and 2.920 for past trading session. It is currently trading around 2.961%.  

EUR/USD’s near term support is around 1.1500 and any convincing break below 1.1500 confirms minor weakness and decline till 1.1400/1.13600 is likely.
 
On the higher side, near term resistance is around 1.1645 (23.6% fib) and any break above will take the pair to next level till 1.16800/1.1750/1.1800. The minor resistance is around 1.1600.

It is good to sell on rallies around 1.163.5-40 with SL around 1.1685 for the TP of 1.1500

Resistance

R1- 1.1645
 

R2 - 1.1680

R3- 1.1745

Support               

S1- 1.1500

S2- 1.1400

S3- 1.1355