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Ichimoku analysis (4-hour chart)
Tenken-Sen- 1.07863
Kijun-Sen- 1.08250
EURUSD trades flat ahead of US Nonfarm payroll data. It hit a high of 1.08177 and is currently trading around 1.07768.
The number of people who have filed for unemployment benefits rose by 1000 to 220K for the week ending Dec 2, compared to a forecast of 221 K.
Major economic data for the day
Dec 7th, 2023, US initial jobless claims (1:30 pm GMT)
According to the CME Fed watch tool, the probability of a no-rate hike in Dec increased to 98.60% from 97.1% a week ago.
The US 10-year yield jumped slightly ahead of US NFP data. The US 10 and 2-year spread widened to -44.5% from -14.50%.
The pair trades below short-term 21 EMA, above 55 EMA, and long-term (200-EMA) in the 4-hour chart. Any break below 1.0750 confirms further bearishness. A decline to 1.0700/1.0660 is possible. The near-term resistance is around 1.0800 and any breach above targets is 1.0865/1.0900/1.0965. Bullish invalidation only if it breaks below 1.0440.
Indicator (4-hour chart)
CCI – bearish
Directional movement index – Bearish
It is good to sell on rallies around 1.0800 with SL around 1.0855 for a TP of 1.0700.
