EUR/USD daily outlook

• EUR/USD is consolidating in narrow range and trading slightly weak 25 pips above 2018 low. The pair pared some of its gains in European session. The pair weakness was mainly due to rising US 10 year bond yield. The yields hits fresh 7 year high at 3.10% yesterday. The leaders of Italy’s two political party M5S and League agreed to form a government. So no threat for Euro. It is currently trading around 1.17862.
   
• The number of new people filing for U.S jobless benefits increased more than expected. Initial claims for unemployment benefits rose to 222K
  compared to forecast of 215k.
   
• On the higher side, near term major intraday resistance is around 1.1850 (hourly Kijun-Sen) and any break above will take the pair to next level till 1.1875 (200- H MA)/1.19215 (23.6% fibo)/1.1950. Short term bearish invalidation only above 1.2020 (200- day MA).
   
• The near term support is at 1.1750 and any convincing break below will drag the pair to next level till 1.1715/1.1660.