EURUSD recovered sharply above 1.1200 level after the Fed shock cut. The US fed cuts rates by 50 bps in the first emergency move since the financial crisis. It hits an intraday high of 1.12126 and is currently trading around 1.11596.
US 10-year yield has lost more than 10% after rate cut and spread between 2and 10-year yield widened slightly to 29 bps from 24.8%.
On the flip side, near term support 1.11400 and any violation below will drag the pair down till 1.10900/1.1045.
The immediate resistance is around 1.1245, an indicative break above targets 1.12885/1.1340.
It is good to buy on dips around 1.11400 with SL around 1.1100 for TP of 1.12450.
