FxWirePro: EUR/USD trades lower as US yield hits 3%, good to buy on dips

• EUR/USD pared some of its gains made yesterday after hitting low of 1.21818. The pair was trading weak on account of rising US 10 year bond yield .US 10 year bond yield hits 3% for the first time in four years ahead of a $32 billion auction. The rising commodity prices increases inflation concerns and increasing treasury supply are main reason for increases in bond yield. With no major data release in any of the major economy and market movement will be based on risk appetite. The pair has once again shown a minor jump from low of 1.28169 and is currently trading around 1.2209.
   
• The pair is facing minor near term support is around 1.2180 and any break below will drag the pair down till 1.2150/1.2100. Short term bearish continuation below 1.2150.
   
• On the higher side, near term resistance is around 1.2246 (20- 4H MA) and any convincing break above will take the pair to next level till 1.2300/1.2320.Major bullishness only above 1.2550.

It is good to buy on dips around 1.2200 with SL around 1.2160 for the TP of 1.2300/1.2318.