FxWirePro: EURUSD trades lower on upbeat US retail sales, good to sell on rallies

Major resistance - 1.11780

EURUSD has declined more than 20 pips till 1.11526 on upbeat US economic data.  The retail sales climbed 0.3% last month in line with an estimate and the previous month was revised to 0.3%. Core retail sales m/m came at 0.7% Vs forecast 0.5% and Philly fed manufacturing index at 17 Vs 3.7. It is currently trading around 1.11558.

 US 10-year bond yield surged more than 1.5% after the release of data and spread between US and German 10-year has slightly widened from 224 bps to 235 bps.

Technically, near term support is at 1.1100 and any violation below will drag the pair down till l.10650/1.100.Major bearishness only beneath 1.100 levels.

 The significant intraday resistance is around 1.1180, any indicative break beyond targets 1.1245/1.12885. The decline from 1.14122 will get over at 1.08848 only if pair breaks 1.12850.

It is good to sell on rallies around 1.11625-650 with SL around 1.1205 for the TP of 1.1066.