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FxWirePro- EURUSD Daily outlook

Ichimoku analysis (Hourly chart)

 

 Tenken-Sen- 1.21939

 

 Kijun-Sen- 1.21688

EURUSD recovered from a low of 1.21328 despite strong US data. US core PCE surged to 3.1% y/y vs forecast of 2.9%. The monthly core Personal consumption came at 0.7% slightly above the estimate of 0.6%. The US 10- year yield declined more than 2.5% after hitting a high of 1.323% on Friday.  DXY is holding slightly above 90 levels; any breach above 90.50 confirms intraday bullishness. EURUSD hits an intraday low of 1.22029 and is currently trading around 1.21931.

 

Technical:

On the higher side, near-term resistance is around 1.2260, and any convincing breach above will take the pair to next level 1.2300/1.23485. The pair's near-term support is around 1.2120, violation below that level targets 1.2070/1.2040 (100- day MA)/1.1980.

 

Indicator (Hourly chart)

 

CAM indicator –Bullish

 

Directional movement index –Bearish

 

It is good to buy on dips an around 1.2145-48 with SL around 1.2100 for the TP of 1.22250.   

 

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