EUR/USD continuing its weakness for second consecutive days and broken below 1.13500 level. Euro-Zone GDP came at 0.2% in Q3 compared to forecast of 0.4%. The pair hits low of 1.13455 at the time of writing and is currently trading around 1.13720.Markets eye US Consumer board consumer confidence.
Italy’s GDP for the Q3 came at 0% compared to forecast of 0.1% and bond yields jumped more than 3.5% after the data. The spread between German bunds and Italy 10 year yield is more than 300 basis point.
On the higher side, 1.14350-1.14400 support turned into resistance will be acting as major resistance any break above targets 1.14800/1.1500/1.1550.
On the lower side, near term support is around 1.13300 and any violation below targets 1.1300. Extreme weakness only below 1.1300.
It is good to buy on dips around 1.13500 with SL around 1.1300 for the TP of 1.1550.
