Ichimoku analysis (4-hour chart)
Tenken-Sen- 1.07378
Kijun-Sen- 1.07309
EURUSD trades flat ahead of ECB monetary policy. It hit a high of 1.07521 at the time of writing and currently trading around 1.07361.
The European Central Bank expected to keep its rates unchanged at 4.25%. Markets eye ECB president Christine Lagarde's press conference for further direction.
Sep 14, 2023, ECB Main Refinancing rate (12:15 pm GMT)
Core PPI m/m (12:30 pm GMT)
Core Retail sales
US Jobless claims
According to the CME Fed watch tool, the probability of a no-rate hike in Sep increased to 97% from 92% a week ago.
The US 10-year yield pared some of its despite strong US CPI. The US 10 and 2-year spread widened to -73% from -57%.
The pair trades above short-term 21 EMA, below 55 EMA, and long-term (200-EMA) in the 4-hour chart. Any break below 1.0660 confirms further bearishness. A decline to 1.0600/1.0500 is possible. The near-term resistance is around 1.0770, any breach above targets is 1.0800/1.0880.
Indicator (4-hour chart)
CCI – Bearish
Directional movement index – Bullish
It is good to sell on rallies around 1.0765-68 with SL around 1.0820 for a TP of 1.0600.


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