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FxWirePro: EURUUSD trades lower on widening US-DE yield spread, good to sell on rallies

EURUSD trades lower after a minor jump from low of 1.12261 level. It hits high of 1.12618 yesterday and lost nearly 35 pips for the day. The strong US economic data such as retail sales and weak Markit PMI data form Germany is putting pressure on Euro. It hits low of 1.12172 and is currently trading around 1.12124.

 

The yield spread between US and German 10 year has widened sharply from 241 basis point to 259 basis point and 2 year yield spread widened nearly 30 basis point in past 4 weeks.

 

On the lower side near term support is around 1.1200 and any violation below will take the pair to net level till 1.11760. Any break below 1.11760 confirms major trend reversal and a dip till 1.11500/1.11000.

 

The major near term resistance is around 1.12620 and any violation above confirms minor bullishness and a jump till 1.13000/1.1345 level

 

It is good to sell on rallies around 1.1238-40 with SL around 1.12650 for the TP of 1.11760/1.1150.

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July 2 15:00 UTC Released

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449.6 Stale

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451.7 Stale

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50 %

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48.6 %

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-1541 %

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January 22 19:00 UTC 827673827673m

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-1541 %

January 31 00:00 UTC 815853815853m

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2016 bln ARS

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Bln AR bln ARS

January 31 00:00 UTC 815853815853m

ARAnnual Primary Balance*

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2016 bln ARS

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Bln AR bln ARS

January 31 00:00 UTC 815853815853m

ARAnnual Primary Balance*

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2016 bln ARS

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Bln AR bln ARS

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