Ichimoku analysis (4-hour chart)
Tenken-Sen- 1.09817
Kijun-Sen- 1.09267
EURUSD surged higher on board-based US dollar selling. The decline in US consumer inflation expectations falls to 3.8%.Markets eye German ZEW consumer sentiment for further direction. It hits a high of 1.10220 and is currently trading around 1.10149.
According to the CME Fed watch tool, the probability of a 25 bpbs rate hike in July increased to 94.90% from 86.80% a week ago.
The US 10-year yield pared some of its gains despite hawkish comments from fed officials. The US 10 and 2-year spread narrowed to -86.80% from -110%.
The pair trades above short-term 21 EMA, 55 EMA, and long-term (200-EMA) in the 4-hour chart. Any indicative break above 1.1030 confirms intraday bullishness; a jump to 1.1100 is possible. The near-term support is around 1.0960. The breach below targets 1.0900/1.0865/1.0830/1.0800.
Indicator (4-hour chart)
CCI – Bullish
Directional movement index – Bullish
It is good to buy on dip around 1.100 with SL around 1.0960 for a TP of 1.110.


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