FxWirePro: USD/TWD remains volatile in early Asia, sustained close below 30.50 requires for downside rally
FxWIrePro: EUR/AUD’s breach of rising wedge support and display of shooting star at range resistance
EURUSD holds above 1.1050 level, any break above 1.1080 confirms the bullish continuation
Major resistance- 1.1080
EURUSD is consolidating in a narrow range between 1.10166 and 1.10734 for the past 3 trading days. The pair have shown massive recovery despite hawkish Fed from low of 1.09250. The face to face trade talks between US-China have resumed in Washington and China's negotiators are expected to visit American farmland is slightly supporting Euro at lower levels. The pair hits intraday high of 1.10677 an is currently trading around 1.10511.
US 10-year yield is trading weak after a massive recovery from a low of 1.44% and is currently trading around 1.77%.
On the flip side near term, support is around 1.1000 and any violation below will drag the pair till 1.0960/1.0920.
The near term resistance is around 1.10850 and any convincing break above confirms minor trend reversal and a jump till 1.11250/1.1180.
It is good to buy on dips around 1.1035-38 with SL around 1.1000 for the TP of 1.1085/1.11250.