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FxWirePro: EURUSD Daily outlook

Ichimoku analysis (4-hour chart)

               

 Tenken-Sen- 1.16389

 

 Kijun-Sen- 1.16206

 

EURUSD is under bearish pressure after Eurozone inflation data. The final yearly CPI came at 3.4% in line with an estimate of 3.4%. The pair declined till 1.16170 and is currently trading around 1.16227.US housing starts fell last month to 1.56 M compared to a forecast of.1.62 million: Building permits declined sharply by 7.7%.

 

Technical:

On the higher side, near-term resistance is around 1.1670 and any convincing breach above will drag the pair to the next level 1.17010/1.1760. The pair's immediate support is at 1.1600, breaking below targets 1.1570/1.1525.

 

Indicator (4-hour chart)

Directional movement index – Neutral

 

It is good to sell on rallies around 1.1660-625 with SL around 1.17010 for a TP of 1.1525.

 

 

 

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