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   “¢   The USD continues to be weighed down the ongoing slide in the US bond yields.
   “¢   Bond yields fall to over two-month lows after disappointing US economic data.
   “¢   Bulls now await a sustained move beyond weekly highs near the 1.1340 region.

The USD remained on the defensive through the early European session and helped the EUR/USD pair to stick to its intraday gains near session tops, around the 1.1330-35 region.

After yesterday’s modest pull-back, the pair regained positive traction on the last trading day of the week and was being supported by some renewed US Dollar selling bias amid a fresh leg of a sharp downfall in the US government bond yields.  

In fact, the US Treasury bond yields tumbled to over two-month lows following the disappointing release of Empire State manufacturing index and industrial production/capacity utilization data and negatively affected the buck.  

The pair, so far, has managed to hold in the positive territory, marking its fifth day of up-move in the previous six, albeit it remains to be seen if bulls manage to make it through a hurdle marked by weekly tops, around the 1.1340 region.  

Hence, it would be prudent to wait for a sustained move beyond the mentioned barrier before positioning for any further near-term positive momentum. Nevertheless, the pair remains on track to register strong weekly gains and end on a positive note.  

Today’s US economic docket also features the release of Prelim UoM Consumer Sentiment, which will be looked upon for some fresh impetus for the pair’s momentum during the US trading session.

Technical levels to watch


       Today Last Price:  1.1326
       Today Daily change:  22  pips
       Today Daily change %:  0.19%
       Today Daily Open:  1.1304
       Daily SMA20:  1.1318
       Daily SMA50:  1.1367
       Daily SMA100:  1.137
       Daily SMA200:  1.149
       Previous Daily High:  1.1342
       Previous Daily Low:  1.1294
       Previous Weekly High:  1.1388
       Previous Weekly Low:  1.1176
       Previous Monthly High:  1.1489
       Previous Monthly Low:  1.1234
       Daily Fibonacci 38.2%:  1.1313
       Daily Fibonacci 61.8%:  1.1324
       Daily Pivot Point S1:  1.1284
       Daily Pivot Point S2:  1.1265
       Daily Pivot Point S3:  1.1236
       Daily Pivot Point R1:  1.1333
       Daily Pivot Point R2:  1.1362
       Daily Pivot Point R3:  1.1381