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Ichimoku analysis (4-hour chart)
Tenken-Sen- 1.07821
Kijun-Sen- 1.08214
EURUSD trades higher and holds above 1.0800 on board-based US dollar selling. Increasing recession concerns are putting pressure on the pair at higher levels. Markets eye ECB President speech for further direction. It hits an intraday high of 1.08341 and is currently trading around 1.08225.
Major economic data for the day
Mar 28th, 2023 US CB Consumer confidence m/m and Richmond manufacturing Index(3 pm GMT)
According to the CME Fed watch tool, the probability of a no-rate hike in Mar decreased to 58.3% from 83.2% a day ago.
The US 10-year yield formed double bottom around 3.28% and showed a minor pullback. The US 10 and 2-year spread narrowed to -40.7% from -108%.
The pair trades above short-term 21 EMA, 55 EMA, and long-term (200-EMA) in the 4-hour chart. Any indicative break above 1.08480 confirms intraday bullishness, a jump to 1.0900/1.09299 is possible. The near-term support is around 1.08000. The breach below targets 1.07600/1.0700.
Indicator (4-hour chart)
CCI – Bullish
Directional movement index – neutral
It is good to buy on dips around 1.0800 with SL around 1.0760 for a TP of 1.0900.
