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  |   Technicals


FxWirePro- EURUSD Daily outlook

Ichimoku analysis (4-hour chart)


 Tenken-Sen- 1.04417


 Kijun-Sen- 1.04732


EURUSD pared some of its gains made today.  The pair gained to 1.04195 after improved Eurozone industrial production. It has contracted by -1.8% compared to a forecast of -2.1%. The policy divergence between ECB and Fed is dragging Euro lower. The pair declined to 1.03535, the lowest level since Jan 2017. US Producer price cools off to 11% in Apr over the past year compared to a previous month of 11.5% on declining crude oil prices. Markets eye the US consumer confidence report for further direction. EURUSD hits an intraday low of 1.03730 and is currently trading around 1.03871.



On the higher side, near-term resistance is around 1.04200 and any convincing breach above will drag the pair to the next level of 1.4600/1.0500.


The pair's immediate support is at 1.0340, breaking below targets of 1.0300/1.0200.


Indicator (4-hour chart)


Directional movement index – bearish


It is good to sell on rallies around 1.04500 with SL around 1.0500 for a TP of 1.0300.


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