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Major support - 1.1100
EURUSD is trading in a tight range after hitting a low of 1.1107 on Thursday. It hits a high of 1.11509 and is hovering around that level. US GDP came much better than expected which increased hopes of aggressive rate cuts by the Fed. Markets eye CB Consumer confidence and core PCE index for further direction.
US 10 year yield is trading flat and any major trend reversal only above 2.15%. The spread between US 10 year and German bund yield has widened to 245 bps from 226 bps.
On the flips side, the pair has formed a major temporary bottom around 1.1107 and any major weakness can be seen only below that level. Any break below targets 1.09097 (161.8% fib).
The near term resistance is around 1.11752 (23.6% fib) and any break above will take the pair to next level till 1.1200/1.1230 (21- day MA)/1.12860 (Jul 11th, 2018 high).
It is good to buy on dips around 1.11350 with SL around 1.1100 for the TP of 1.12300.
