FxWirePro: EUR/USD trades lower on weaker Eurozone PMI data, good to sell on rallies

• EUR/USD has pared some of the gain made yesterday after Donald Trump disclosing US GDP. US President Donald Trump and his aides informed Fox news that Q2 is expected to grew to 4.8%. it has boosted US dollar and US treasury yield. US 10 year yield hits high of 2.96% jumped more than 3%. Eurozone manufacturing PMI rose to 55.1, the highest in 2 months and services PMI came at 54.4 compared to forecast of 55 and composite PMI hits 2- month low.
   
• EUR/USD’s near term support is around 1.1680 and any convincing break below will drag the pair to next level till 1.1650/1.1500.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 1.1760 (55- day EMA) and any break above will take the pair to next level till 1.1800/1.18515.

It is good to sell on rallies around 1.1745-50 with SL around 1.1800 for the TP of 1.1500.