Want to buy EUR/USD? Keep an eye on this chart

The spread between the German and US 10-year bond yield seems to have carved out a sideways channel this year. As of now, the channel resistance is seen at 244 basis points.

A break higher would imply resumption of the rise from November lows of 280 basis points. Tighter German-US yield differentials would be positive for EUR/USD .

So, I would look to buy EUR/USD after I see a channel breakout on the 10-year German-Euro yield spread.
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