FxWirePro: EURUSD struggles to close below 1.1200 level amid weak German IFO data,, good to sell on rallies

EURUSD is consolidating after a minor sell-off yesterday. The pair hits low of 1.11922 and shown a minor recovery. German IFO business climate data came at 99.2 slightly lower than estimate 99.9 and previous 99.70.With no major US data to be released today markets eye US durable goods order and Advance GDP which is to be released this week for further direction.It is currently trading around  

The yield spread between US and German 10 year has widened sharply from 241 basis point to 259 basis point and 2 year yield spread widened nearly 30 basis point in past 4 weeks.

On the lower side near term support is around 1.1200 and any violation below will take the pair to net level till 1.11760. Any break below 1.11760 confirms major trend reversal and a dip till 1.11500/1.11000.

The major near term resistance is around 1.1259-270 (200- H MA and 300- H EMA) and any violation above confirms minor bullishness and a jump till 1.13000/1.1345 level likely.

It is good to sell on rallies around 1.1260-620 with SL around 1.1300 for the TP of 1.13450.