FxWirePro: EURUSD hits fresh multi-year low, any break below 1.0900 confirms major weakness

Major trend line support - 1.0900

EURUSD continues to trade lower for 3rd consecutive days and lost nearly 100 pips from minor top 1.10240. The pair has broken 1.09260 which shows a resumption of downtrend from 1.2555 level. It hits a 2-year low of 1.09057 and is currently trading around 1.09140.

US Q2 annualized GDP came at 2% much less compared to 3.1% in the previous quarter and jobless ticked higher by 3k to 213k vs estimate 212k. Markets eyes US durable goods order data for a further major move.

US bond yield is trading lower and spread between US 10-year and German bund widened slightly from 223 bps to 230 bps.

Technically major support is around 1.09000 and any violation break below will drag the pair till 1.08300/1.0800.

The near term major resistance is around 1.09675 and any convincing break above targets 1.1000/1.10300. Minor trend reversal only above 1.10300.

It is good to sell below 1.09000 with SL around 1.0945 for the TP of 1.0800.