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Ichimoku analysis (4-hour chart)
Tenken-Sen- 1.08178
Kijun-Sen- 1.08214
EURUSD showed a minor sell-off on profit booking. The easing banking crisis and less hawkish tone by Fed weigh the US dollar. It hits an intraday low of 1.08178 and is currently trading around 1.08338.
The hawkish expectations from European Central Bank continue to support Euro.
US Conference Board consumer confidence improves to 104.20, compared to a forecast of 101. Richmond Fed manufacturing index improves to -5 vs. Expected -10.
Major economic data for the day
Mar 29th, 2023 US Pending home sales m/m (3 pm GMT).
According to the CME Fed watch tool, the probability of a no-rate hike in Mar decreased to 58.3% from 35.9% a week ago.
The US 10-year yield surged more than 9% after forming a minor bottom of 3.287%. The US 10 and 2-year spread narrowed to -51.4% 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.
