FxWirePro: EURUSD Daily outlook
Ichimoku analysis (4-hour chart)
EURUSD has shown minor pullback after EU and German PMI data. The German flash manufacturing PMI came at 58.2 in October compared to a forecast of 56.50. While EU PMI data showed that business activity is getting improved. The pair surged till 1.16450 and is currently trading around 1.16412. Markets eye US flash manufacturing PMI and Fed chairman Powell speech for further direction.
On the higher side, near-term resistance is around 1.1670 and any convincing breach above will drag the pair to the next level 1.17010/1.1760. The pair's immediate support is at 1.1600, breaking below targets 1.1570/1.1525.
Indicator (4-hour chart)
Directional movement index – Neutral
It is good to sell on rallies around 1.1660-625 with SL around 1.17010 for a TP of 1.1525.