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FxWirePro: EURUSD trades below 1.1000 level, decline till 1.0880 likely
EURUSD continues to trade lower amid better than expected German GDP data. It came at 0.1% much better than the estimate of -0.1%, the jump was mainly due to improvement in consumer spending, exports. Markets eye US PPI and Powell's testimony for further direction. It hits a low of 1.09914 and is currently trading around 1.09920.
US 10-year yield has lost more than 6.5% after hitting a high of 1.97%. It has jumped more than 15% this month and is currently trading at 1.845%. The spread between US and German 10- year yield has widened from 208 bps to 216.5 bps.
On the flip side, near-term support is around 1.09900, any break below will drag the pair down till 1.09395/1.0900. Major weakness only below 1.0880.
The near-term resistance is around 1.10250, the indicative break above will take the pair to next level 1.1070/1.1100/1.1140. Major bullishness only above 1.11800.
It is good to sell on rallies around 1.1028-30 with SL around 1.1070 for the TP of 1.10935.