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FxWirePro: EURUSD hits 7-week high on Brexit optimism, jump till 1.1250 likely

Major Resistance – 1.11780

 

EURUSD is trading higher for 3rd consecutive week and has broken major resistance 1.11096 high made on Sep 13th on Brexit optimism. EU and UK have agreed to a new Brexit deal and markets eye vote in parliament on Sat for further direction. The pair hits high of 1.11398 and is currently trading around 1.11342.

 

The US 10- year yield is trading slightly higher and spread between US and German 10-year yield has widened sharply from 7 bps to 15.8 bps.

 

Technically, on the flip side near term resistance is around 1.1140 and any break above will take the pair to next level till 1.1178/1.1245.

 

The near-term support is around 1.10780 and any violation below targets 1.1030/1.1000.

 

It is good to buy on dips around 1.1120-225 with SL around 1.1070 for the TP of 1.1245.

By Rangarajan Hariharan
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