Major trend reversal level- 1.12860
EURUSD was trading lower yesterday after the release of US CPI data. The US inflation data came slightly better than expected with Core CPI m/m came at 0.3% compared to forecast 0.2%. The pair hits low of 1.11700 and is currently trading around 1.11805.
Market sentiment has shown good recovery after the US Trade representative has delayed new tariffs and Trump said that US trade talks with China ‘'very productive". The Safe-haven assets like yen, gold and the US dollar declined slightly after trade talks optimism.
On the flip side, near term support is around 1.11600 and any break below will drag the pair to the next level till 1.1100/1.10250.
The intraday trend is still weak as long as resistance 1.12860 holds and any break above targets 1.132/1.1355 level.
It is good to sell on rallies around 1.1208-10 with SL around 1.1250 for the TP of 1.1100.