EURUSD has pared most of its loss made in this week and gained more than 100 pips from the low of 1.14322. The jump was mainly due to comments by Donald Trump on interest rate hike. US 10 year yield has lost more than 3% after hitting multiyear high at 3.25% and 2 year yield declined more than 4% from high of 2.90% to 2.84%.. The rising 10 year Italy bond yield due to high debt and political uncertainty is expected to put cap on Euro upside.
Markets eye US CPI data which is to be released today for further direction.
On the higher side, near term strong resistance is around 1.1630 (20- day MA) and any break above targets 1.1660/1.1720.The pair should break above 1.1800 for further bullishness continuation.
The near term minor support is around 1.1500 and any violation below targets 1.1460/1.1430. Any convincing break below 1.1430 confirms major bearishness.
It is good to buy on dips around 1.1550 with SL 1.1500 for the TP of 1.1700