Major resistance - 1.1233 (20- day MA)
EURUSD trades higher and jumped nearly 35 pips from intraday low of 1.1758 after release of Spanish GDP. Spain’s GDP came at 0.7% QoQ compared to forecast of 0.6%. It hits high of 1.12078 and is currently trading around 1.12054.
US and German 10 year yield has declined from 257 basis point to 2.487 basis point.The 2- year US and German yield spread declined 8 basis point in past three trading session.. Markets eye US CB consumer confidence and US Fed monetary policy for further direction.
On the higher side, near term resistance is around 1.1233 (20- day MA) and any violation above will take the pair to next level till 1.1260 (trend line resistance)/1.13240. Any break above 1.1360 targets 1.14200/1.14500.
It is good to buy on dips around 1.11825-850 with SL around 1.11500 for the TP of 1.12995.
