EURUSD pared minor gains made yesterday after release of better than expected US ISM non manufacturing data.US ISM non manufacturing data came at 59.7 in Feb compared to estimate of 57.3 The pair declined nearly 50 pips after the data and hits low of 1.12896. It is currently trading slightly above 1.1300 level.Markets eye US ADP employment data for further dirfection.
The yield spread between US 10 year and German bund has widened from 251 basis point to 255 basis point which is slightly supporting US dollar.
The near term intraday resistance is around 1.13100 and any violation above will take the pair to next level till 1.1347 (300- H EMA)/1.1355 (200- H MA)/1.13709
On the lower side, near term support is around 1.12800 and any violation below targets 1.12500/1.12350.
It is good to buy above 1.13100 with SL around 1.13270 for the TP of 1.1355/1.13709.
