FxWirePro- EURUSD Daily Outlook

FxWirePro- EURUSD Daily Outlook

Ichimoku analysis (4-hour chart)
 
Tenken-Sen- 1.08385
 
Kijun-Sen- 1.08658
 
EURUSD pared some of its loss ahead of Fed monetary policy. Markets expect a 25 bpbs rate hike by  Fed and await signals about future rate hikes for further direction. It hits a high of 1.0886 and is currently trading around 1.08809.

US CB Consumer confidence declines to 107.1 in Jul, below the estimate of 109.10.  Chicago PMI contracted to 44.1, the fifth consecutive month. 

Major economic events for the day- EU inflation, US ISM Manufacturing PMI, and US ADP employment.

Technical:
The pair is trading above short-term (21EMA, 55 EMA), and long-term (200-EMA) in the 4-hour chart.  Any break below 1.08000 confirms intraday bearishness, a dip to 1.07600/1.0700/1.0660 is possible. The near-term resistance is around 1.0900. The breach above will push the pair to 1.0950/1.1000.
 
Indicator (4-hour chart)
 
CCI – Bearish
 
Directional movement index – Neutral
 
It is good to buy on dips around 1.0848-50 with SL around 1.0800 for the TP of 1.100/1.1060.