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FxWirePro: Sell EURUSD on rallies (target 1.1100)
Major support - 1.11800
EURUSD continues to trade lower for 3rd consecutive days and broken minor support 1.1200 level. The expectations of the 10 basis point rate cut by ECB in the Sep policy meeting is putting pressure on Euro. It hits an intraday low of 1.11810 and is currently trading around 1.11835.
The German bund yield plunged more than 10 basis point in 4 trading session as markets expect ECB to restart stimulus program soon.
On the flip side, major support stands at 1.11800 and any indicative break below confirms intraday weakness and a dip till 1.1150/1.11800 is possible.
Major trend reversal for the day will happen only above 1.12860 and any violation above will take the pair till 1.13230/1.13500.
It is good to sell EURUSD around 1.1200 with SL around 1.1250 for the TP of 1.1100.