FxWirePro: EUR/USD declines slightly on rising US 10-year bond yield, good to sell on rallies
EUR/USD pared some of its losses after hitting high of 1.17440 level. The minor strength in US dollar was mainly due to slight jump in US 10- year bond yield. US 10 –year bond yields jumped after hitting 1-1/2 month low …
EUR/USD pared some of its losses after hitting high of 1.17440 level. The minor strength in US dollar was mainly due to slight jump in US 10- year bond yield. US 10 –year bond yields jumped after hitting 1-1/2 month low at 2.74% on account of political uncertainty in Italy. The 10- year jumped form the low and hits 11- day high at 2.949%. Market eyes US ISM non-manufacturing index for further direction. It is currently trading around 1.16840.
On the higher side, near term major intraday resistance is around 1.1750 (50% fib) and any break above will take the pair to next level till 1.1800/1.1830 .Short term bearish invalidation only above 1.2020 (200- day MA).
The near term support is at 1.1500 and any convincing break below will drag the pair to next level till 1.1400/1.1355.
It is good to sell on rallies around 1.1735-40 with SL around 1.1780 for the TP of 1.1600/1.1500.
