FxWirePro: CAD/JPY’s Interim Bulls Seem Deceptive, Major Downtrend Still Imminent On Head & Shoulder Pattern – Trade & Hedging Setup
FxWirePro: Buy EURUSD above 1.10700
EURUSD has taken support near 61.8% fib and shown a recovery of more than 70 pips. The trade talks that happened during the weekend were constructive and upbeat mood is putting pressure on Safe-haven assets like dollar, yen, etc. It hits a high of 1.10678 and is currently trading around 1.10600.
With no major economic data, today markets eye comments from Trump through twitter for further direction.US 10-year bond yield descended more than 8% in the previous week after forming a minor top around 1.97%. It is currently around 1.849%. The spread between 10 and 2-year yield narrowed to 216 bps from 278 bps.
The near term major resistance is around 1.1070 (support turned into resistance), violation over will take the pair to next level till 1.1100/1.1180.
On the flip side, minor support is around 1.10250any indicative break beneath will drag the pair underneath till 1.1000/1.0989.
It is good to buy above 1.10700 with SL around 1.10250 for the TP of 1.11780.