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FxWirePro- EURUSD Daily Outlook

FxWirePro- EURUSD Daily Outlook 

Ichimoku analysis (4-hour chart)
 
 Tenken-Sen- 1.09478
 
 Kijun-Sen- 1.09925
 
EURUSD showed a minor pullback on board-based US dollar selling. Hawkish comments from St. Louis Federal Reserve President James Bullard and Atlanta Fed President Raphael Bostic support the US dollar at lower levels. It hits an intraday low of 1.09465 and is currently trading around 1.09578.

According to the CME Fed watch tool, the probability of a 25 bpbs rate hike in May increased to 81.7% from 72.9% a week ago.

 The US 10-year yield gained more than 10% from a low of 3.25%. The US 10 and 2-year spread narrowed to -62% 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 1.100 confirms intraday bullishness, a jump to 1.110/1.1165  is possible. The near-term support is around 1.0930. The breach below targets 1.0930/1.0900/1.0830.

 Indicator (4-hour chart)

  CCI –  Bearish

  Directional movement index – neutral
     
It is good to buy on dips around 1.0900 with SL around 1.0860 for a TP of 1.1100.


 

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