FxWirePro- EURUSD Daily outlook
Ichimoku analysis (1-Hour chart)
EURUSD has shown a minor pullback in the U.S session after mixed US data. The US retail sales dropped by 1.3% in May much weaker than expected -0.6%. The core retail sales excluding auto, gasoline, building material declined by -0.7% vs an estimate of 0.4%. The US Producer Price Index surged to 0.8% in May slightly higher than consensus. The US-10 year bond yield has recovered some of its loss and jumped more than 2% from its intraday's low of 1.479%. DXY is holding above 90 levels. Any surge past 90.60 confirms further bullishness. EURUSD hits an intraday high of 1.21187 and is currently trading around 1.21188.
On the higher side, near-term resistance is around 1.21550, and any convincing breach above will take the pair to next level 1.2200/1.2260/1.2300/1.23485. The pair's near-term support is around 1.2090/1.20400 (100-day MA).
Indicator (1-hour chart)
CAM indicator- Neutral
Directional movement index –Neutral
It is good to sell on rallies around 1.21580-60 with SL around 1.2200 for the TP of 1.2050.