Chart Pattern- Adam and Adam Double top
EURUSD recovered slightly more than 30 pips after US-China fresh trade optimism. China Commerce Minister said that the US has agreed to cancel existing trade tariffs in phases. US ISM services PMI came at 54.5 in Oct much better than 52.6 in Sep vs estimate 53.5. The pair hits a low of 1.10550 after the data. It is currently trading around 1.10867.
US 10-year yield is trading higher and jumped more than 3.5% for the day. Any major bullishness only above 1.907% and is currently trading at around 1.877%.
On the flip side, near-term support is around 1.10550-60, any break below will drag the pair down till 1.1000/1.09395. Major weakness only below 1.0880.
The near-term resistance is around 1.1100 and the indicative break above will take the pair to next level 1.1140/1.1180.
It is good to sell on rallies around 1.1100 with SL around 1.1145 for the TP of 1.1000.
