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Ichimoku analysis (4-hour chart)
Tenken-Sen- 1.05489
Kijun-Sen- 1.06078
EURUSD trading flat amid dovish ECB. It hit a low of 1.05211 yesterday and is currently trading around 1.05562.
European Central Bank has kept its rates unchanged at 4%. The central bank also pointed out that inflation is slowly coming down to its target of 2%.
US GDP grew at an annualized rate of 4.9% in the third quarter, compared to a forecast of 4.50%. US durable goods orders rose 4.7% m/m due to a surge in aircraft sales vs an Estimate of 1.9%.
Major Economic data for the day
Oct 27, 2023, Core PCE price index m/m (12:30 pm GMT)
Revised UoM consumer sentiment (2:00 pm GMT)
According to the CME Fed watch tool, the probability of a no-rate hike in Nov increased to 99.5% from 97.60% a day ago.
The US 10-year yield pared some of its gains despite strong US GDP data. The US 10 and 2-year spread narrowed to -19.20% 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 below 1.04800 confirms further bearishness. A decline to 1.0440/1.0380 is possible. The near-term resistance is around 1.0565, and any breach above targets 1.0600/1.0660/1.0700. Bullish invalidation only if it breaks below 1.0440.
Indicator (4-hour chart)
CCI – bearish
Directional movement index – Neutral
It is good to sell on rallies around 1.0565-68 with SL around 1.0620 for a TP of 1.04850.
