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EURUSD reversed its gains and declined more than 100 pips on weak Europe economic data. Euro area services PMI lacked enthusiasm and the German figure was revised to 46.1. Eurozone PMI came to 48.5 from 48.6 the previous month. It hits an intraday low of 1.04756 and is currently trading around 1.04775.
The US ISM services PMI rose to 56.5 in Nov compared to a forecast of 53.50.
According to the CME Fed watch tool, the probability of a 50 bpbs rate hike in Dec rose to 79.4% from 75.8% a week ago.
The US 10-year yield jumped more than 4% from a low of 3.473%. The US 10 and 2-year spread widened to -80.9 basis points from -67 bpbs.
Technical:
On the higher side, near-term resistance is around 1.0525 and any convincing breach above will take the pair to the next level of 1.0600/1.0660.
The pair's immediate support is at 1.0480, breaking below targets of 1.043/1.0370.
Indicator (4-hour chart)
Directional movement index – Neutral
CCI(50)- Bullish
It is good to buy on dips around 1.0480 with SL around 1.0425 for a TP of 1.0660.
