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Ichimoku analysis (4-hour chart)
Tenken-Sen- 1.07928
Kijun-Sen- 1.08712
EURUSD consolidating in a narrow range after a massive sell-off. The pair lost its shine after strong US jobs data. Markets eye US Fed chairman speech for further direction. Any hawkish comments will drag the pair further down. It hits a low of 1.07093 and is currently trading around 1.073332.
The US 10-year yield traded higher for the second consecutive day. Any break and close above 3.63% confirm minor bullishness. The yield spread between 10 and 2-year widened to -81.30 basis points from -72.40 bpbs.
Technical:
The pair is trading below short-term (21EMA, 55 EMA), and above long-term (200-EMA) in the 4-hour chart. Any break below 1.07000 confirms intraday bearishness; a dip to 1.0600/1.0350 is possible. The near-term resistance is around 1.0760. The breach above will push the pair to 1.08000/1.08850.
Indicator (4-hour chart)
CCI – Bearish
Directional movement index – Bearish
It is good to sell on rallies around 1.0760-65 with SL around 1.0810 for a TP of 1.06000.
