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FxWirePro: EURUSD pares gains after resignation of UK Brexit Minister Raab, good to sell on rallies

EURUSD has pared all gains made during Asian session after UK Brexit minister Raab resigned. The Pound sterling plunged sharply more than 200 pips  German bund 10 year declined more than 10% after the Brexit news. US CPI data came better than expected and rose most in 9 months. The inflation YOY came at 2.5% up from 2.3% annual gain in Sep.

The Italian budget issues and slight weakness in German GDP is also putting pressure on Euro.It is currently trading around 1.12925 0.13% lower

 

Markets eye US retail sales data which is to be released today for further direction.

 

On the lower side, near term support is around 1.1200 and any break below targets 1.11500/1.1100 level.

 

The near term resistance is around 1.13520 (7-day MA) and any break above targets 1.13920 (20- day MA)/1.1435. The pair should break above 1.1500 for minor bullishness.

 

It is good to sell on rallies around 1.1300 with SL around 1.13520 for the TP of 1.1200.

 

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May 24 19:00 UTC Released

USCattle Marketed

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106.9 %

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106.6 %

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97 %

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108.7 %

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113 %

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105 %

January 31 00:00 UTC 692591692591m

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January 22 19:00 UTC 704411704411m

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-1541 %

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January 31 00:00 UTC 692591692591m

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