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Ichimoku analysis (4-hour chart)
Tenken-Sen- 1.08816
Kijun-Sen- 1.08816
EURUSD pared most of its gains after dismal PMI data. It hits an intraday low of 1.08118 and is currently trading around 1.08245.
In August, German services PMI slumped to three years low at 47.30 compared to a forecast of 51.50. The flash manufacturing PMI edges slightly to 39.10 in Aug vs an estimate of 38.90.
US existing home sales declined by 2.2% in Jul to a seasonally adjusted annual rate of 4.07 million. August US Richmond manufacturing index came at -7 vs expected -10.
Aug 23rd, 2023, US flash manufacturing and services PMI (1:45 pm GMT)
According to the CME Fed watch tool, the probability of a no-rate hike in Sep decreased to 85% from 90% a week ago.
The US 10-year yield trades flat ahead of the Jackson Hole symposium. The US 10 and 2-year spread widened to -73% from -66%.
The pair trades below short-term 21 EMA, below 55 EMA, and long-term (200-EMA) in the 4-hour chart. Any indicative break below 1.0800 confirms further bearishness: a decline to 1.0760/1.0700 is possible. The near-term resistance is around 1.0880. The breach above targets 1.09350/1.0965/1.1000/ 1.1070/1.1100/1.1150.
Indicator (4-hour chart)
CCI – bearish
Directional movement index – Neutral
It is good to sell on rallies around 1. with SL around 1.1000 for a TP of 1.0800.
