Trade Idea EURUSD (Intraday)

Ichimoku analysis (4-hour chart)

Tenken-Sen- 1.02067

Kijun-Sen- 1.01821

EURUSD  is trading in a narrow range between 1.02780 and 1.01075 for the past week despite the weak US dollar. The pair gained slightly on Friday after a minor uptick in Eurozone CPI data. The yearly inflation came at 8.9 in Jul compared to a forecast of 8.7%. The US 10-year yield was one of the worst performers the previous month and lost more than 12% due to a dovish rate hike. Markets eye the US ISM manufacturing index today for direction. It hits an intraday high of 1.02701 and is currently trading around 1.02486.

Technical:

The pair is trading slightly below 200-4H EMA.  Any break above 1.0300 confirms minor bullishness, a jump till 1.0600/1.0100 likely. The near-term support is around 1.000. The breach below will drag the pair down to 0.9945/0.9900.

Indicator (4-hour chart)

CCI – Bullish

Directional movement index – Neutral

It is good to buy above 1.0300 with SL around 1 for the TP of 1.010.