FxWirePro: EURUSD trades flat, market eyes US data

EURUSD is trading in a very tight range between 1.10036 and 1.10255 for the past 3 days. The Overall bias is bearish as trade deal optimism is supporting the US dollar. It hits low of 1.10030 and is currently hovering around 1.10050.

US Conference Board consumer confidence has declined for the fourth consecutive month, came at 125.5 in Nov vs forecast of 127. Markets eye US prelim GDP q/q and Chicago PMI data for further direction.

The US 10- year bond yield is consolidating after hitting a low of 1.733%. The spread between US 2and 10-year has narrowed to 15.9 bps from 27 bps.

Technically near term major resistance is around 1.1050, violation above will take the pair to next level till 1.1100. Major bullish continuation only beyond 1.1180.

On the flip side, minor support is around 1.10989 and any indicative break beneath will drag the pair till 1.095/1.0880. Major bearishness only below 1.0880 level.

It is good to sell on rallies around 1.10325-35 with SL around 1.1070 for the TP of 1.0935.