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EURUSD trades slightly higher on upbeat German Ifo data,markets eye US bond yield

EURUSD trades slightly higher after a 3 days of selling. The pair has lost more than 170 pips from the high made after Fed policy. The pair hits low of 1.12732 and is currently trading around 1.13170. German Ifo data released today came at slightly better than expected. It came at 99.6 compared to forecast of 98.7. It hits intraday high of 1.13232 and is currently trading around 1.13186.

 

US 10 year yield was trading lower and lost more than 4.5% on Friday. The 3 month yield was trading above 10 year for the first time since 2007.

 

The near term support is around 1.12670 and any violation below will drag the pair till 1.1230/1.12150/1.11760. Any violation below 1.1170 will drag the pair till 1.1100.

 

The near term resistance is around 1.13240 (20- day MA) and any convincing break above targets 1.1350/1.13820.It should break above 1.1450 for further direction.

 

It is good to sell on rallies around 1.13500 with SL around 1.1400 for the TP of 1.1180.

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January 31 00:00 UTC 638894638894m

ARAnnual Primary Balance*

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2016 bln ARS

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Bln AR bln ARS

January 22 19:00 UTC 650714650714m

ARTrade Balance

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Forecast

Previous

-1541 %

January 31 00:00 UTC 638894638894m

ARAnnual Primary Balance*

Actual

Forecast

2016 bln ARS

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Bln AR bln ARS

January 31 00:00 UTC 638894638894m

ARAnnual Primary Balance*

Actual

Forecast

2016 bln ARS

Previous

Bln AR bln ARS

January 31 00:00 UTC 638894638894m

ARAnnual Primary Balance*

Actual

Forecast

2016 bln ARS

Previous

Bln AR bln ARS

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