FxWirePro: EURUSD trades lower on trade war tension, any bullishness only above 1.11750

As per our analysis EURUSD jumped till 1.11722 and started to decline from that level. Any major bullishness can happen only above 1.11750 level. US -China trade tension has escalated after US President Trump blacklisted Chinese major Huawei. But US commerce department has slightly eased the sanctions and allowed companies to do operation with Huawei for another three months. It hits low of 1.11440 and is currently trading around 1.11501.

US Atlantic Fed Bostic clearly mentioned in speech that there will not be any rate cut in 2019 and market is pricing 48% chance of rate cut in Sep and 73% before year end.

On the higher side, near term resistance is around 1.11750 and any violation above will take the pair to next level till 1.11240. Any minor bullishness only above 1.12240. Major jump only above 1.12650.So it is good to buy only above 1.11750 level.

The near term support is around 1.1140 and any violation below targets 1.1100/1.1070.

It is good to buy above 1.11750 with SL around 1.1150 for the TP of 1.12650.