Major resistance - 1.1210 (55- W EMA)
EURUSD trades higher and surged nearly 90 pips for the day, highest single-day gain since Aug 5th, 2019 on broad-based USD selling. US dollar index has lost more than 100 pips after a jump till 97.82. Any break below 96.50 confirms bearish continuation, a dip till 96 is possible. It hits a high of 1.12109 and is trading around 1.11980.
US 10 year yield gained more than 1.5% for the day after hitting a low of 1.871%. It is currently hovering at 1.908%. The spread between 10 and 2-year widened to 30 bps from 23.9%.
Technically, near term resistance is at 1.12100 and any convincing break above targets 1.1245/1.12885.
On the flip side, secondary resistance is around 1.1180 and indicative violation beneath will drag the pair down till 1.1145/1.1100. Significant bearishness only under 1.1065.
It is good to buy on dips around 1.1180 with SL around 1.1145 for the TP of 1.12885.
