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FxWirePro: EUR/USD trades lower on rising US bond yields, good to sell on rallies

  • EUR/USD is trading weak during European session and declined almost more than 50 pips on account of rising US 10 –year bond yields. The weak of Eurozone also supporting dollar price rise. The yield difference between US 10 year bond and German yields is above 230 basis point highest level since late Dec 2016.The pair declined till 1.2290 and is currently trading around 1.23075.
     
  • US 10 year bond yield breaks 2.9% on positive economic data. US initial jobless claim fell 1000 to 232K (est 230k) lowest level in 3- weeks. The Philadelphia Fed Index came in at 23.2 for Mar compared to forecast of 20.5.
     
  • The pair is facing minor near term support is around 1.2260 and any break below will drag the pair down till 1.2200/1.2165. Overall bearish continuation below 1.2165.
     
  • On the higher side, near term resistance is around 1.2400 and any convincing break above will take the pair to next level till 1.24450 (Mar 7th 2018 high)/1.2470.Major bullishness only above 1.2550.

It is good to sell on rallies around 1.2335-40 with SL around 1.2380 for the TP of 1.2260/1.2200.

 

                                                                                                                                         

 

 

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