EURUSD is trading weak for second consecutive day . The pair lost more than 180 pips in past two trading session. The main reason was due to slightly hawkish rate hike by Fed.The pair decline was further supported by Italy’s budget deficit . The Italian government approved budget of 2.4% and Italian bond yield gone up by more than 15%. German and Italian 10 year spread highest in 3 weeks. US 10 year bond yield has lost more than 1% in today’s trading.
It has lost more than 80 pips from today’s high of 1.16570. The pair should break above 1.1660 for further intraday bullishness.
On the lower side, near term support is around 1.1530 and any break below will drag the pair down till 1.1500. Any close below 1.1500 confirms further weakness.
The near term resistance is around 1.1660 and any violation above targets 1.1720/1.1745.
It is good to sell on rallies around 1.1618-20 with SL around 1.1675 for the TP of 1.1500/1.1435.
