Major resistance -1.1030
EURUSD has broken major resistance 1.1000 level after a long consolidation. It hits an intraday high of 1.100195 and is currently trading around 1.10142. Markets eye US CPI and ECB minutes for further direction.
According to the CME Fed watch monitor tool, the probability of a 25 bps rate cut has increased from 80% a day ago to 85%, the chance of keeping rates on hold declined to 15% from 19.8%.
The US 10-year yield recovered more than 5% from low of 1.506%, spread between the US and German bund has narrowed to 211 bps from 216.
On the higher side, near term resistance is around 1.1030 and any break above targets 1.10850/1.1140.
The near term support is around 1.0975 and any violation below 1.0940/1.0900.
It is good to buy on dips around 1.10050-80 with SL around 1.0975 for the TP of 1.1085.
