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EURUSD: Buy on dips | June 10, 2019

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EURUSD continues to to trade higher and jumped more than 150 pips in previous week. The jump was mainly due to

Fed Chairman dovish comments has increased hopes of rate cut

US jobs data came weaker than expected. US economy has added 75000 jobs in May compared to forecast of 180000 and wage growth came at 0.2% vs estimate 0.2%.

US 10 year yield is trading weak for past 8-weeks and hits 2.05 low since Sep 2017 and spread between US 10 year and bund has widened from 2.26% to 2.38%.

Technically, the pair is facing strong resistance around 1.1345 (200-W MA) and any convincing break above targets 1.1419 (55-W EMA )/1.14485.

On the lower side, major support is around 1.1270 (20-W MA) and any violation below will take the pair to next level till 1.1219 (10- W MA)/1.11750.

It is good to buy on dips around 1.1275-80 with SL around 1.1215 for the TP of 1.1445.  while hourly USD spot index was at 0 (absolutely neutral) while articulating (at 06:24 GMT ).

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