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Ichimoku analysis (4-hour chart)
Tenken-Sen- 1.06293
Kijun-Sen- 1.06051
EURUSD showed a nice pullback on board-based US dollar selling. It hit a high of 1.06936 and is currently trading around 1.06595.
The pair declined after mixed German flash PMI data. The HCOB flash German manufacturing PMI dropped to 40.70 in October, compared to a forecast of 40.10. The services came at 48 vs. an estimate of 48.
Major Economic data for the day
Oct 24th, 2023, USD Flash manufacturing PMI (1:45 pm GMT)
Richmond Manufacturing Index (2:00 pm GMT)
According to the CME Fed watch tool, the probability of a no-rate hike in Nov increased to 98.50% from 94.80% a week ago.
The US 10-year yield pared some of its gains on profit booking. The US 10 and 2-year spread narrowed to -21.90% from -75%.
The pair trades above short-term 21 EMA, 55 EMA, and below long-term (200-EMA) in the 4-hour chart. Any break above 1.0700 confirms further bullishness. A jump to 1.07600/1.0800 is possible. The near-term support is around 1.0650, and any breach below targets 1.0600/1.0550/1.04800/1.0440. Bullish invalidation only if it breaks below 1.0440.
Indicator (4-hour chart)
CCI – bullish
Directional movement index – Bullish
It is good to buy on dips around 1.0630 with SL around 1.0570 for a TP of 1.07600.
