Major support - 1.11000
EURUSD recovered to 1.11750 after the ECB policy meeting. It has kept its interest rates unchanged and hinted at the stimulus package next meeting. US durable goods orders came better than expected with the core at 1.2% compared to a forecast of 0.2%. Markets eye US Advance GDP data to be released today for further direction. US economy is expected to slow down to 1.8% compared to 3.1% in the first quarter. The pair hits an intraday low of 1.11321 and is currently trading around 1.11333.
U 10 year yield is trading flat at 2.067% and any break above 2.15% confirms further bullishness. The spread between US 10 year yield and German bund has widened to 244 basis points from 226 basis points.
On the higher side, near term resistance is around 1.11752 (23.6% fib) and any break above will take the pair to next level till 1.1200/1.12450 (21- day MA)/1.12860 (Jul 11th, 2018 high).
The major support is around 1.11000 and any violation confirms bearish continuation, a dip till 1.09097 (161.8% fib) is likely.
It is good to buy on dips around 1.11300 with SL around 1.1100 for the TP of 1.12860.
