Euro Currency Traded Lower As Us Government Bond Yields Resumed Their Advances

YamarketsLtd

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Fundamental:

In the yesterday’s trading session, the Euro currency traded lower as US government bond yields resumed their advances pushing the US Dollar Index higher. Not only this, the Markit published the February final Services PMIs for the Euro Area, which showed that output in the sector remained in contraction territory, declining for the sixth consecutive month. This dented the market sentiments pushing the shared currency lower.

Meanwhile, according to officials familiar with discussions the ECB reportedly sees no need for drastic action to curb recent developments in the bond market. This pushed the yields higher.

Suggestion:

Sell Below 1.2080 for 1.2040 and 1.2020

Else

Buy above 1.2080 for 1.2110 and 1.2140
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