EURUSD has once declined after showing a jump above the 1.1200 level. Short term trend is weak as long as resistance 1.1250 holds. The weak German ZEW has further dragged EURUSD down. It came at -49.5% in Mar vs -26.4% and Eurozone arrived at -49.5% vs -35.4%. The pair hits an intraday low of 1.10682 and is currently trading around 1.10702.
US 01-year yield shown a good recovery of more than 10% for the day and is trading at 0.828%. The spread has widened to 45 bps to 37 bps.
Technically, near-term support is at 1.1050 and any violation below will drag the pair to the next level till 1.1000/1.0930.
On the higher side, immediate resistance is around 1.1150 and indicative break above targets 1.1200/1.1245/1.12885.
It is good to sell on rallies around 1.1148-50 with SL around 1.1210 for the TP of 1.0930.
