EURUSD hits 3-1/2 week low and trading slightly below 1.1200 level.The betetr then expected US economic data is supporting US dollar. US ISM manufacturing data came at 55.3 slight jump of 1.2% from previous month 54.1.It hits intraday low of 1.11900 and trading around 1.11999. Minor trend is still weak as long as 1.12500 holds.Markets eye US durable goods order for further direction.
The yield spread between US and German 10 year has slightly widened from 241 basis point to 253 basis point.US 10 year yield recovered sharply more than 7% after hitting fresh 14 -month low.
On the lower side near term support is around 1.11760 and any violation below will drag the pair till 1.1100.
The near term resistance is around 1.12500 and any convincing break above targets 1.1277 (200- H MA)/1.1300/1.3350/1.3381 .It should break above 1.1450 for further direction.
It is good to sell on rallies around 1.1230-35 with SL around 1.12680 for the TP of 1.1150.
