FxWirePro:EUR/USD Trade Idea

• EUR/USD is trading lower after hitting high of 1.17205. Market sentiment is weak on account of escalating US-China trade war.Global equities has shown a huge sell-off after Trump administration announced plans to restrict Chinese investment. According to various media sources White house is planning to announce limits on Chinese investments in the US and block technology exports to China.
   
• EURUSD lost almost 100 pips from the high and is currently trading around 1.16176.Any break below 1.1600 confirms minor weakness and decline till 1.1500 is likely. Short term bullish invalidation below 1.1500.US 10 year and 2-year bond yield has lost more than 1% on account of trade war.
   
• On the higher side, near term resistance is around 1.1680 (20-day MA) and any break above will take the pair to next level till 1.1750/1.1800/1.1850.
   
• Major data to be released today US durable goods order at 12:30 GMT.
  
  It is good to sell on rallies around 1.1660-65 with SL around 1.1725 for the TP of 1.1500.

Resistance

R1- 1.16720
 

R2 –1.1750
 

R3- 1.1800

Support               
 

S1- 1.1620
 

S2-1.1600
 

S3-1.1500