FxWirePro: EURUSD trades flat, markets eye ECB minutes 

EURUSD is on the upward trend from Nov 14th and jumped more than 100 pips till 1.10899. The Fed minutes clearly said that the current policy "likely would remain so long as incoming information about the economy did not result in a material reassessment of the economic outlook,". Most of the Fed policymakers see no need for a further rate cut in the coming months. It hits an intraday high of 1.10888 and is currently trading around 1.10834.

Markets eye minutes of ECB Oct policy meeting for any further movement above 1.11000 level. US 10-year bond yield continues to trade weak and lost more than 7% this week. It is currently around 1.73%. The spread between 10 and 2-year yield narrowed sharply to 16.2 bps from 27.8 bps.

The near term major resistance is around 1.1100, violation over will take the pair to next level till 1.1180. Major bullish continuation only above 1.1180.

On the flip side, minor support is around 1.10500, any indicative break beneath will drag the pair underneath till 1.1000/1.0989 (61.8% fib).

It is good to buy on dips around 1.10700 with SL around 1.10250 for the TP of 1.11780.