FxWirePro: EURUSD trades higher on declining US and German yield spread, good to buy on dips

EURUSD trades higher for 7th consecutive day and hits 2 week high at 1.13499 after declining to 6-month low on Mar 7th 2019. The jump was due to broad based US dollar selling and also due to shift to riskier assets after positive Brexit reports. It is currently trading around 1.13489.

The yield spread between US and German bund has narrowed to 250 basis point from 259 basis point  and for 2 year it has declined to 11-month low is supporting Euro. With no major economic data today markets eye US Fed monetary policy.

On the higher side near term major resistance is around 1.1349 (55 EMA) and any violation above will take the pair to next level till 1.13805 (61.8% fib)/1.14200/1.1500.

The near term support is around 1.13190 and any break below will drag the pair to next level till 1.12970/1.12600/1.12380. Any break below 1.12150 will drag the pair till 1.11760/1.1150.

It is good to buy on dips around 1.13180 with SL around 1.1260 for the TP of 1.1420/1.1500.