FxWirePro: EURUSD trades slightly above 1.1300 level, good to sell on rallies

EURUSD trades steady above 1.1300 after a 3 days of selling. The pair has lost more than 170 pips from the high made after Fed policy. The pair hits low of 1.12732 shown a more than 60 pips jump on recovery of stock market . The recovery of in stock market mainly due to short covering and still global growth is cause of concern. Markets eye US conference board consumer confidence for further direction. It hits high of 1.13315 and is currently trading around 1.13150.

US 10 year yield hits low of 2.37% slightly below overnight Fed Funds rate. The yield has shown a minor recovery of more than 3% and it is currently trading around 2.445%. The 3 month yield was trading above 10 year for the first time since 2007.

The near term support is around 1.12670 and any violation below will drag the pair till 1.1230/1.12150/1.11760. Any violation below 1.1170 will drag the pair till 1.1100.

The near term resistance is around 1.13380 (200- H MA) and any convincing break above targets 1.13820/1.1445.It should break above 1.1450 for further direction.

It is good to sell on rallies around 1.13500 with SL around 1.1400 for the TP of 1.1180.