FxWirePro- EURUSD Daily Outlook

Candlestick - Shooting Star (Daily chart)

Ichimoku analysis (4-hour chart)
 
 Tenken-Sen- 1.06876
 
 Kijun-Sen- 1.06854
 
EURUSD showed a minor pullback above 1.0700 with a neutral bias. It hit a  low of 16640  and is currently trading around 1.07080.

Major Economic data for the day

Nov 9th, 2023,  Fed Chair Powell Speaks  (7 pm GMT)
                            
                             ECB President speech (5:30 pm GMT)

According to the CME Fed watch tool, the probability of a no-rate hike in Nov increased to 90.4% from 79.50% a week ago.
 
 The US 10-year yield lost more than 10% from the multi-week top. The US 10 and 2-year spread widened to  -44% from -16%.
 
The pair trades above short-term 21 EMA,   55 EMA, and long-term (200-EMA) in the 4-hour chart.  Any break below 1.0660 confirms further bearishness. A decline to 1.0600/1.0550 is possible. The near-term resistance is around 1.0720 and any breach above targets is 1.0765/1.0835. Bullish invalidation only if it breaks below 1.0440.
 
   Indicator (4-hour chart)
 
   CCI – bullish
 
  Directional movement index – neutral
 
It is good to sell on rallies around 1.07080-100 with SL around 1.0760 for a TP of 1.0440.