EURUSD is trading flat on account US Thanksgiving day and is holding above 1.1400 level.The European Commission has rejected Italy budget proposal but Italy’s 10 year bond yield has shown decline of more than 8% and spread between German and Italy has reduced to 308 basis point from 335 basis point. The rumor that Fed will pause rate hike net spring and slight weaker than expected US durable goods order and US jobless claims are supporting Euro. Markets eye ECB minutes meeting for further direction. It is currently trading around 1.14055.
Technically near term resistance is around 1.14750 (55- day EMA) and any break above targets 1.1500/1.15500. The pair should break above 1.16200 for further bullishness. The minor resistance is around 1.1435.
On the lower side, near term support is around 1.1360 (20- day MA) and any convincing break below targets 1.1300/1.1215.Major trend reversal below 1.12000.
It is good to sell on rallies around 1.14325-350 with SL around 1.1475 for the TP of 1.1300.
