FxWirePro- EURUSD Daily outlook

Ichimoku analysis (4 Hour chart)

Tenken-Sen- 1.20781

Kijun-Sen- 1.20874

EURUSD declined once again after a minor recovery till 1.19433 after better than expected US non-farm payroll data. It came at 379k in Feb much above expectations of 148k. The unemployment rate declined to 6.2% vs an estimate of 6.3%. Average hourly earnings came in line with an estimate at 0.2% The US bond yield jumped to 1.62% after positive jobs data. DXY gained above 92 and hovering near that level. EURUSD hits an Intraday low of 1.18933 and is currently trading around 1.19179.

 Technical:

 The pair is facing strong support at 1.18800. Any break below confirms minor bearishness, a dip till 1.1860/1.1800/1.17800 likely. The near-term resistance is around 1.1950 (support turned into resistance). The indicative breach above will take the pair to next level till 1.2000/1.20350.

Indicator (4 Hour chart)

CAM indicator – Bearish

Directional movement index – Bearish

It is good to sell on rallies around 1.1967-70 with SL around 1.2000 for the TP of 1.1880.