EURUSD trades slightly lower after hitting a high of 1.07132. Minor jump in US dollar index putting pressure on Euro at higher levels. It hits an intraday high of 1.06804 and is currently trading around 1.06620.
Major economic data to watch- Eurozone Harmonized Index of Consumer Prices (HICP)I for further direction.
The US 10-year yield is trading flat after hitting a half-month high. The yield spread between 10 and 2-year widened to -61.3 basis points from -46.9 bpbs.
Technical:
On the higher side, near-term resistance is around 1.07250 and any convincing breach above will take the pair to the next level of 1.0760/1.0800.
The pair's immediate support is at 1.0620, breaking below targets of 1.0565/1.0500.
Indicator (4-hour chart)
Directional movement index – Neutral
CCI(50)- Bullish
It is good to buy on dips around 1.0600 with SL around 1.0540 for a TP of 1.07250.
