|   Technicals


  |   Technicals


FxWirePro- EURUSD Daily Outlook

Ichimoku analysis (4-hour chart)


 Tenken-Sen- 0.97941


 Kijun-Sen- 0.96948


EURUSD consolidates in a narrow range despite weak Eurozone PMI. German and Eurozone manufacturing PMI came at 47.8 and 48.4 respectively, slightly below estimate. Markets eye development in Credit Suisse for further direction. Its five-year credit default swaps (CDS) rose by six basis points to close to 248 bpbs, the highest level since 2008 (Lehman brothers moment). US dollar index pared some of its gains made after hitting a multi-year high.


US core PCE inflation rose to 4.9% on yearly basis, up 0.6% MoM.


 According to the CME Fed watch tool, the probability of a 75 bpbs rate hike in Nov declined to 53%  from 72.5% a week ago.


 EURUSD hits a low of 0.97877 and is currently trading around 0.97885.




On the higher side, near-term resistance is around 0.9860 and any convincing breach above will drag the pair to the next level of 0.9920/0.9965/1.00500/1.0200.


The pair's immediate support is at 0.9780, breaking below targets of 0.9740/0.9700.


Indicator (4-hour chart)


Directional movement index – Neutral


It is good to buy on dips around 0.9760 with SL around 0.9700 for TP of 0.9950.

  • Market Data

Welcome to EconoTimes

Sign up for daily updates for the most important
stories unfolding in the global economy.