FxWirePro: EUR/USD recovers slightly from low of 1.2180, good to buy on dips

• EUR/USD pared some of its losses made in European session after slightly weaker than expected German IFO data. German IFO falls below expected level in Apr. It came at 102.1 in Apr compared to forecast of 102.80 and down from 103.3 in March. The Ifo 'current business assessment ‘also came at 105.7 slightly weaker than expected level of 106. The pair jumped till 1.2223 and is currently trading around 1.22131
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• US 10- year bond yield hits 2.99% yesterday highest level since Jan 10th 2014, while two year hits highest level since Sep 2008.
   
• The pair is facing minor near term support is around 1.2180 and any break below will drag the pair down till 1.2150/1.2100. Short term bearish continuation below 1.2150.
   
• On the higher side, near term resistance is around 1.22375 (23.6% fibo) and any convincing break above will take the pair to next level till 1.2249 (55- H EMA)/1.2300.Major bullishness only above 1.2550.

It is good to buy on dips around 1.2200 with SL around 1.2160 for the TP of 1.2300/1.2318.