EURUSD has once again declined sharply after showing a minor jump above 1.1200.France and Germany is clashing over who to be elected as new President of the European commissioner. US 10 year yield continues to trade lower and hits fresh 19-month low.The spread between US 3month and 10 year yield has inverted once again and widened 10 basis point.The German bund and US 10 year yield has narrowed from 258 basis point to 239 basis point.The pair hits intraday low of 1.11498 and is currently trading around 1.11570.
On the lower side, near term support is around 1.1140 and any violation below will drag the pair to next level till 1.1100/1.1070.
The near term resistance is around 1.11750 and any convincing break above targets 1.1200/1.1230/1.12650/1.13300.
It is good to sell on rallies around 1.11750 with SL around 1.1210 for TP of 1.1100/1.1070.
