FxWirePro- EURUSD Daily outlook
Ichimoku analysis (4 Hour chart)
EURUSD is consolidating after hitting a high of 1.19932 yesterday. The shortage of Coronavirus vaccine in Europe and geopolitical tensions between the US and Russia are supporting the US dollar at lower levels. US retail sales data surged to 9.8% in Mar compared to a forecast of 5.8%. The number of people who have filed for unemployment benefits declined to 576k in the previous week compared to an estimate of 703K. US 10- year yield lost more than 9.% this week and is hovering near 1.58%
DXY is trading below 92 levels; markets eye 91.50 for further bearishness. EURUSD hits an intraday low of 1.19504 and is currently trading around 1.19752.
The pair is facing strong support at 1.19400. Any break below confirms minor bearishness, a dip till 1.1900/1.11860 likely. The near-term resistance is around 1.2000. An indicative breach above will take the pair to next level till 1.20289/1.2048/1.2100. Short-term trend reversal only above 1.2000.
Indicator (4 Hour chart)
CAM indicator –Bearish
Directional movement index – Bullish
It is good to buy on dips around 1.1950 with SL around 1.1900 for the TP of 1.2100.