FxWirePro: EUR/USD trade idea

• EUR/USD has jumped sharply in today’s Asian session and jumped almost 35 pips. The pair breaks trend line resistance and is holding above that level. The main reason for decline in US dollar is sharp selloff in US 10 year bond yields from high of 2.499% till 2.41%. US Pending home sales rose slightly by 0.2% in November compared to 3.5% increase in Oct and index of pending home sales was 109.5 in Nov. US Conference board consumer confidence came at slightly less at 122.1 in Dec compared to forecast of 128.20 level but is still strong. The pair hits intraday high of 1.19348 and is currently trading around 1.19299.
   
• The pair is facing trend line resistance at 1.19615 (Nov 27th 2017 high) and any break above that level will take the pair to next level to 1.200/1.2090.
   
• On the lower side, any break below 1.1838 (50- 4H MA) will drag the pair to next level till 1.1800 (200 – 4H EMA)/1.1755/1.1700. Any minor weakness can be seen only below 1.1700.

It is good to buy on dips around 1.1915-9200 with SL around 1.1860 for the TP of 1.200/1.2090.

Resistance
 

R1- 1.19600
 

R2 -1.2000
 

R3-1.2090
 

Support               
 

S1-1.1838
 

S2- 1.1800
 

S3-1.1700