EURUSD trades lower for 4th consecutive day and hits fresh weekly low around 1.12098 at the time of writing.US dollar was trading higher against all majors on declining US 10 year yield and yield inversion.Global growth concern has increased demand for safe haven assets.Markets eye US PCE index and Chicago PMI for further direction.
The yield spread between US and German 10 year has slightly widened from 241 basis point to 247.The near term support is around 1.11760 and any violation below will drag the pair till 1.1100.
The near term resistance is around 1.12681 and any convincing break above targets 1.13000/1.3350/1.3381 .It should break above 1.1450 for further direction.
It is good to sell on rallies around 1.1255-60 with SL around 1.1300 for the TP of 1.1150.
