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Ichimoku analysis (4-hour chart)
Tenken-Sen- 1.07841
Kijun-Sen- 1.07292
EURUSD declined below 1.0800 ahead of US Fed monetary policy.US core CPI rose 4% in May from 4.9% in Apr, the lowest level since Mar 2021 in Apr. US May inflation rate at 0.10% (MoM) Vs Est 0.30%. It hits an intraday low of 1.07730 and is currently trading around 1.07877.
Markets expect dovish pause by Fed due to the decline US
According to the CME Fed watch tool, the probability of a no-rate hike in June increased to 89.60% from 78.20% a week ago.
The US 10-year yield surged sharply despite weak US CPI. The US 10 and 2-year spread widened to -84% from -35%.
The pair trades above short-term 21 EMA, 55 EMA, and below long-term (200-EMA) in the 4-hour chart. Any indicative break above 1.0830 confirms intraday bullishness; a jump to 1.08600/1.0900 is possible. The near-term support is around 1.0760. The breach below targets 1.0720/1.0700.
Indicator (4-hour chart)
CCI – Bullish
Directional movement index – neutral
It is good to avoid trading due to Fed monetary policy
