FxWirePro: EUR/USD trades weak on declining bund yields, good to sell on rallies

• EUR/USD is trading slightly below 1.2400 after a minor recovery till 1.24200. The pair minor weakness was due to decline in German bund yields which trades below 0.5%. The increase safe haven has prevented investors to go for high yielding currencies such as euro, The pair has formed minor top around 1.24763 and minor bullishness only above that level. The pair hits low of 1.23723 yesterday and is trading around 1.23913.
   
• The pair is expected to show a minor reaction after releases of US final GDP today at 12:30 GMT.
   
• The pair is facing minor near term support is around 1.2370 (yesterday’s low) and any break below will drag the pair down till 1.2330 -1.2340 (200- H MA and 20-day MA).Any violation below 1.2330 will take the pair till 1.2300/1.2280.
   
• On the higher side, near term resistance is around 1.2475 and any violation above will take the pair to next level till 1.2510/1.2550.

It is good to sell on rallies around 1.2435 with SL around 1.2475 for the TP of 1.2360/1.2330.