FxWirePro- EURUSD Daily Outlook

Ichimoku analysis (4-Hour chart)

 Tenken-Sen- 1.18193

 Kijun-Sen- 1.17900

EURUSD regained above 1.1800 after Eurozone PMI data.  It came at 61.4 in Aug vs. an estimate of 61.50. It hits an intraday high of 1.18166 and is currently trading around 1.18139.

Economic data:

The US conference board consumer confidence declined to 113.80 in August compared to a forecast of 122.90, the lowest level since Feb. the Chicago PMI dropped to 66.8 in August vs. 68 expected. Markets eye US ADP employment and ISM manufacturing index for further direction.

Technical:

On the higher side, near-term resistance is around 1.18600 and any convincing breach above will take to the next level 1.18850/1.1920. The pair's near-term support is at 1.1780, break below targets 1.1750/1.1700/1.1660.

Indicator (4-hour chart)

CAM indicator-Neutral

Directional movement index – Neutral

It is good to buy on dips around 1.1800 with SL around 1.1760 for the TP of 1.1900.