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FxWirePro: Sell EURUSD on rallies
EURUSD continues to trade lower for 2nd consecutive days after minor pullback till 1.11135 on broad-based US dollar buying. The German 10-year yield rose more than 10 basis points after reports came that government willingness to increase fiscal spending with $55 billion stimulus package The pair hits low of 1.10721 and is currently trading around 1.10825.
US 10 year yield has recovered more than 10% from low of 1.47% and spread between US 10 year and German bund widened slightly to 226 basis points from 220.
On the flips side near term, support is around 1.10700 and any violation below will drag the pair till 1.10250/1.1000.
The near term resistance is around 1.11360 and any break above will take the pair to next level till 1.1160/1.1200.
It is good to sell on rallies around 1.11325-50 with SL around 1.11750 for the TP of 1.100.