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FxWirePro: EUR/USD trades lower on rising US bond yields, good to sell on rallies

  • EUR/USD is trading weak during European session and declined almost more than 50 pips amid slightly positive Eurozone PMI data. US. Treasury and German bund yield is at multi decade high on account of positive economic data from US and rising Oil price. The pair declined till 1.2263 and is currently trading around 1.2278.
     
  • US 10- year bond yield hits 2.96% on Friday highest level since Jan 10th 2014, while two year hits highest level since Sep 2008.
     
  • The pair is facing minor near term support is around 1.2215 and any break below will drag the pair down till 1.2150. Short term bearish continuation below 1.2150.
     
  • On the higher side, near term resistance is around 1.2300 (55- day EMA) and any convincing break above will take the pair to next level till 1.2330/1.2380/1.2400.Major bullishness only above 1.2550.

It is good to sell on rallies around 1.2265-70 with SL around 1.2320 for the TP of 1.2200/1.2155.

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