Major resistance- 1.1180
As per our analysis, EURUSD has formed Adam and Adam double top and is hold ing well below neckline 1.10700 level. The pair hits fresh 2-week low amid US-China trade optimism. The European Commission has slashed EU growth rate to 1.1% and 1.2% in 2019, 202 respectively compared to 1.2% and 1.5% in the previous forecast. The pair hits low of 1.10360 and is currently trading around 1.10418.
US 10-year is on the higher side and hits 2-month on US-China trade progress. It is holding above major resistance 1.907%, a jump till 2% is possible. The spread between US and German yield slightly widened to 216 bps from 209 bps.
The number of people who filed for employment benefits declined by 4000 to 211000 and hits one month low. Markets eye US UoM consumer sentiment for further direction.
On the flip side, near term support is around 1.10350 (50- day MA), any violation below will drag the pair down till 1.100/1.0950.
The near-term resistance is around 1.1100 and the indicative break above will take the pair to next level 1.1140/1.1180.
It is good to sell on rallies around 1.1068-70 with SL around 1.1100 for the TP of 1.1000.