FxWirePro: EURUSD Daily Outlook

Ichimoku Analysis (Hourly chart)

Tenken-Sen- 1.11277

Kijun-Sen- 1.11266

EURUSD has shown a minor recovery of 30 pips after forming a bottom at 1.11116.  US President Trump has been impeached by the House of Representatives yesterday for abuse of power and obstruction of Congress investigation. It hits an intraday high of 1.11386 and is currently trading around 1.11328.

Markets reacted very less after impeachment because of the chance of Trump vacating office is too low. Important economic data to be watched today is the Philly Fed manufacturing index.  

US 10-year yield recovered more than 6.5% from a low of 1.815%. The spread between US 10-year and 2-year widened to 28 bps from 12.9 bps.

On the higher side, significant resistance is around 1.1180 and any break beyond targets 1.1245/1.12885. The minor level to be watched is around 1.1150.

The near term primary support is at 1.1100, any indicative break under will drag the pair down to 1.10670/1.10350. Trend continuation only below 1.0880.

It is good to sell on rallies around 1.1148-50 with SL around 1.1180 for the TP of 1.10680.