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FxWirePro- EURUSD Daily Outlook

Ichimoku analysis (4-hour chart)

 

 Tenken-Sen- 1.10298

 

 Kijun-Sen- 1.10166

 

EURUSD is consolidating after hitting a 13-month high. The First Republic bank on the brink of collapse supports the US dollar at lower levels. It hits a record low after depositors withdrew $100 billion. The pair hits an intraday low of 1.10399 and currently trading around 1.10456.

 

US durable goods orders jumped 3.2% last month, well above the estimate of 0.70%. "Excluding transportation, new orders increased by 0.3%,"

 

Major economic data

 

Apr 27th, 2023 US Advance GDP  (12:30 pm GMT).

 

                             US unemployment benefits (12:30 pm GMT)  

                       

According to the CME Fed watch tool, the probability of a no-rate hike in May increased to 27.30% from 16.70% a week ago.

 

 The US 10-year yield halted its five days of a bearish trend and showed a minor pullback on strong US economic data. The US 10 and 2-year spread narrowed to -49.5% 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 1.1070 confirms intraday bullishness; a jump to 1.110/1.1165 is possible. The near-term support is around 1.100. The breach below targets 1.0960/1.0930.

 

 Indicator (4-hour chart)

 

  CCI – Bullish

 

  Directional movement index – neutral

 

It is good to buy on dips around 1.100 with SL around 1.0950 for a TP of 1.1100.

 

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