Major support- 1.11600
EURUSD trades flat for the past 5 trading days between 1.12496 and 1.11619. German ZEW economic sentiment came at -44.1 points well below the forecast of -27.8. The pair hits an intraday high of 1.12215 and is currently trading around 1.12154.
The German bund yield shrinks to new low and spread between US and German has narrowed to 225 basis points from 250 basis points. Markets eye US CPI data which is to be released today for further direction.
On the higher side, near term resistance is around 1.12500 and any violation above targets 1.12860. Any major trend reversal only above 1.12860.
The near term support is around 1.11600 and any break below will drag the pair to the next level till 1.1100//1.1080.
It is good to buy on dips around 1.1180-825 with SL around 1.11500 for the TP of 1.12860.
