FxWirePro:EUR/USD trades lower on USD strength, good to sell on rallies
EUR/USD has shown a minor selling and declind almost 60 pips from the high of huge jump from the high of 1.16900.The minor political uncertanity in Germany has dragged the pair slightly below 1.1630. The interior Ministe…
EUR/USD has shown a minor selling and declind almost 60 pips from the high of huge jump from the high of 1.16900.The minor political uncertanity in Germany has dragged the pair slightly below 1.1630. The interior Minister Horst Seehofer threatened to resign.
EU migration deal in European summit has stabilized German government. The pair hits intraday low of 1.16260 and is currently trading around 1.16329.
Market eyes US ISM manufacturing index data which is to be released today for further direction.
EUR/USD formed almost triple bottom around 1.1500 and shown a good jump. 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 is trading flat.
On the higher side, near term resistance is around 1.1670 (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 1.1670-75 with SL around 1.1725 for the TP of 1.1525.
