EURUSD is trading weak below 1.1500 level after European Commission expelled Italian budget proposal. Italian 10 year bond yield jumped more than 10% and spread between German bund and Italy has increased to 320 basis point. The pair hits intraday low of 1.1552. It is currently trading around 1.14644.
On the lower side, strong support is around 1.14300 and any violation below confirms bearish continuation. Any break below 1.14300 will drag the pair down till 1.13800/1.1305.
The near term major resistance is around 1.1550 and any violation above targets 1.1600/1.16200. Any break above 1.16200 confirms minor bullishness.
It is good to sell below 1.14300 with SL around 1.14800 for the TP of 1.1305.
