EURUSD has pared all gains made today morning. The pair has shown a dead cat bounce of more than 100 pips after hitting 17-month low. The Italy government has rejected European Commission demand. Italy has reaffirmed that it would stick to deficit target 2.4% and growth rate of 1.5%. The German 3rd quarter GDP came at -0.2% compared to forecast of -0.1%.It is currently trading around 1.12356 0.16% higher.
Markets eye US CPI 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.