FxWirePro- EURUSD Daily Outlook

Ichimoku analysis (4-hour chart)

 Tenken-Sen- 1.08628

 Kijun-Sen- 1.07803

EURUSD consolidating in a narrow range between 1.08858 and 1.08299 for the past two days. It hit a high of 1.08572 at the time of writing and is currently trading around 1.08490.

Former Kanas City Fed  CEO and President Esther George said that "the Federal Reserve does have time to pause here".

The number of people who have filed for jobless benefits increased by 13000 in the week ending November 11th to 231000, compared to a forecast of 218000.

According to the CME Fed watch tool, the probability of a no-rate hike increased to 99.8% from 85.40% a week ago.

 The US 10-year yield lost its shine on hopes of a rate pause by the Fed. The US 10 and 2-year spread widened to  -40% from -16%.

The pair trades above short-term 21 EMA,   55 EMA, and long-term (200-EMA) in the 4-hour chart.  Any break above 1.0900 confirms further bullishness. A jump to 1.0948/1.1000 is possible. The near-term support is around 1.08300, any breach below targets is 1.0765/1.0700. Bullish invalidation only if it breaks below 1.0440.

   Indicator (4-hour chart)

   CCI – bullish

  Directional movement index – neutral

It is good to buy on dip around 1.0800 with SL around 1.0760 for a TP of 1.1000.