FxWirePro- EURUSD Daily outlook
Ichimoku analysis (4 Hour chart)
EURUSD declined once again after a minor recovery till 1.21133. The US bond yield jumped more than 8% from a low of 1.39% made on Mar 2nd, 2021. The number of private jobs added by 117000 in Feb compared to a forecast of 203k. The US SIM services came at 55.3 in Feb vs an estimate of 58.70e weak for 3rd consecutive days and lost more than 250 pips on broad-based US dollar buying. The risk aversion mood and jump in the US 10- year yield is supporting the US dollar index. DXY gained sharply and rose well above 91 levels. Any violation above 91.60 confirms further bullishness. EURUSD hits an Intraday low of 1.20363 and is currently trading around 1.20386.
The pair is facing strong support at 1.2000. Any break below confirms minor bearishness, a dip till 1.1950 likely. The near-term resistance is around 1.20650. Indicative Breach above will take the pair to next level till 1.21462/1.2180. Short-term trend reversal only above 1.2260.
Indicator (4 Hour chart)
CAM indicator – Bearish
Directional movement index – Neutral
It is good to sell on rallies around 1.2068-70 with SL around 1.2120 for the TP of 1.1945.