FxWirePro: EUR/USD recovers slightly above 1.1700 as US tariff on China kicks off, markets eye US NFP data

• EUR/USD has pared its early loss and gained nearly 4o pips from the today’s low as US import tariff worth $34 billion will be effective form today at 12:00 ET.Markets eye US non farm payroll data which is to be released today for further direction. US economy is expected to add 195k jobs for the month of Jun and wage growth at 2.8 y/y. German industrial production rose strong 2.6% over the month in May compared to forecast of 0.3%. US ISM non manufacturing data came at 59.1 in Jun compared to forecast of 58.3.The pair hits intraday high of 1.17267 and is currently trading around 1.1708.
   
• EUR/USD’s near term support is around 1.16750(200- 4H MA) and any break below will drag the pair to next level till 1.16300/1.15900.Any break below 1.1500 confirms minor weakness and decline till 1.1400/1.13600 is likely. Short term bullish invalidation below 1.1500.US 10 year and 2-year bond yield is trading flat.
   
• On the higher side, near term resistance is around 1.17200 and any break above will take the pair to next level till 1.1750/1.1800/1.1850.

It is good to buy on dips around 1.1700 with SL around 1.1650 for the TP of 1.1845.