FxWirePro: EUR/USD recovers more than 100 pips on Donald Trump comments on Fed, good to sell on rallies
EUR/USD has pared some of the loss made yesterday after comment made by Donald Trump on Fed Chairman.He said he's "not thrilled" with rate hikes and worries that the work the administration has done will be nullified. US…
EUR/USD has pared some of the loss made yesterday after comment made by Donald Trump on Fed Chairman.He said he's "not thrilled" with rate hikes and worries that the work the administration has done will be nullified. US dollar has lost more than 50 pips after Donald Trump wants to keep loose monetary policy and weak US dollar. A weaker yuan and hawkish fed was supporting dollar prices.US 10 year yield has lost more than 2% and the spread between 2 year and 10 year yield is at 25 basis point compared to 23 basis point yesterday.
EUR/USD’s near term support is around 1.1600 and any convincing break below will drag the pair to next level till 1.1500.Any break below 1.1500 confirms minor weakness and decline till 1.1400/1.13600 is likely.
On the higher side, near term resistance is around 1.1700 and any break above will take the pair to next level till 1.1745/1.1800.
It is good to sell on rallies around 1.1745-50 with SL around 1.1800 for the TP of 1.1500.
