FXStreet (Mumbai) – The EUR/USD rose to a fresh session high of 1.1043 while the treasury yields trimmed post –data gains.
Hovers around 1.1035
The spot currently hovers around 1.1035 levels. The weak US personal spending and income numbers immediately pushed the spot to a high of 1.1035, from where the pair quickly made its journey back to 1.1010 on account of the strength in the treasury yields. Moreover, rise in the wage growth in Q3 pushed pup treasury yields.
However, treasury yields trimmed gains, with 10-yr yield now trading lower by 1.4 basis points. The 2-yr yield also trimmed gains, but stays marginally positive.
Consequently, the EUR/USD pair moved back to trade at fresh daily highs. The attention now is on the Michigan consumer confidence number and Fed Williams’ speech in Washington.
EUR/USD Technical Levels
The immediate resistance is seen at 1.1088 (50% of Mar-Aug rally), above which the pair could re-test 1.1110 (200-DMA). On the other side, support is seen at 1.10, 1.0980 (hourly 50-MA) and 1.0940 (61.8% of Mar-Aug rally).
(Market News Provided by FXstreet)