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FxWirePro: EUR/USD Daily Outlook

EURUSD has once again recovered more than 100 pips from the low of 1.16179 made yesterday. US President Donald Trump has imposed 10% tariffs on $200 billion Chinese goods which will get effect from Sep 24 excluding apple products. China is expected to retaliate soon on this fresh tariffs by Trump.The pair hits high of 1.17177 and is currently trading around 1.16822.

 

US 10 year yield has shown a good jump regained above 3%. The yield spread between US 10 year and 2 year has declined by 20 bpbs from 35 bpbs lowest level since 2007. The rise in bond yield also supporting US dollar.

 

On the lower side, near term major support is around 1.1660 and any violation below targets 1.1615/1.1570/1.1530/1.1500.

 

The near term major resistance is around 1.1750 and any violation above will take the pair to next level till 1.1800/1.1818. Any violation above 1.1750 confirms further bullishness.

 

It is good to sell on rallies around 1.1685-90 with SL around 1.1745 for the TP of 1.1530.

 

 

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