Major Resistance- 1.1100
EURUSD recovers sharply of more than 70 pips on weaker than expected US ISM manufacturing data. It came at 48.1 in November much less than the forecast of 49.4 and the previous month's reading 48.3. It hits an intraday high of 1.10836 and is currently trading around 1.10812.
US 10-year yield lost more than 2% from a high of 1.861% at the time of writing. The spread between 10 and 2-year yield has widened to 20 bps from 12 bps.
Technically near term major resistance is around 1.110, violation past will take the pair to next level till 1.1180. Major bullish continuation only beyond 1.1180.
On the flip side, minor support is around 1.10980 and any indicative break beneath will drag the pair till 1.095/1.0880. Major bearishness only under 1.0880 level.
It is good to buy on dips around 1.1048-50 with SL around 1.100 for the TP of 1.11800.
