FxWirePro:EUR/USD faces strong support at 1.1500, markets eye US GDP
EUR/USD is trading in mid 1.1500 for past two trading session. The pair is trading weak due to escalting trade war between US and other economies. The US trump administration will use Committee on Foreign Investment in t…
EUR/USD is trading in mid 1.1500 for past two trading session. The pair is trading weak due to escalting trade war between US and other economies. The US trump administration will use Committee on Foreign Investment in the US (CIFUS) for blocking Chinese investment in US and not planning to invoke an old law to limit investment in US. This shows that Trump has softened trade stance toward China.
EURUSD lost almost 180 pips from the high of 1.17200 and is currently trading around 1.15798.Any break below 1.1500 confirms minor weakness and decline till 1.1400/1.13600 is likely. Short term bullish invalidation below 1.1500.US 10 year and 2-year bond yield has lost more than 1% in this week on account of trade war. Markets eyes US GDP data which is to be relesed todat for further direction.
On the higher side, near term resistance is around 1.1680 (20-day MA) and any break above will take the pair to next level till 1.1750/1.1800/1.1850.
It is good to sell on rallies around 1.1600-605 with SL around 1.1675 for the TP of 1.1500/1.1360.
