FxWirePro- EURUSD Daily outlook

Ichimoku analysis (4 Hour chart)

Tenken-Sen- 1.19453

Kijun-Sen- 1.19357

EURUSD has taken support near the trend line and shown a minor recovery. The minor profit booking in US bond yield is supporting the pair at lower levels.  The US 10- year yield lost more than 4.5% after hitting 13—year high. The number of people who have filed for unemployment benefits rose to 77000 during the week ended Mar 13th. The Philly fed manufacturing index soared to 51.80 in Mar, the highest level in 50 years.

DXY recovered slightly after hitting a low of 91.30. The intraday bullishness only if it breaks 92. EURUSD hits an intraday low of 1.19019 and is currently trading around 1.19228.

 Technical:

 The pair is facing strong support at 1.19000. Any break below confirms minor bearishness, a dip till 1.1880/1.1835/1.1800 likely. The near-term resistance is around 1.1950. An indicative breach above will take the pair to next level till 1.2000/ 1.20400 (200- 4H MA)/1.20870. Short-term trend reversal only above 1.2260.

Indicator (4 Hour chart)

CAM indicator – Neutral

Directional movement index – Neutral

It is good to sell on rallies around 1.1948-50 with SL around 1.2000 for the TP of 1.1830.