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FxWirePro- EURUSD Daily Outlook
Ichimoku analysis (4-hour chart)
Tenken-Sen- 1.07909
Kijun-Sen- 1.08039
EURUSD pared some of its gains after weak German IFO data. In May, Germany's IFO dropped to 91.70 for the first time in six months, compared to a forecast of 93. It hits an intraday high of 1.07943 and is currently trading around 1.07772.
The flash US manufacturing PMI cools in May to 48.50, below the forecast of 50. While services PMI hits a 13-month high of 55 in May.
According to the CME Fed watch tool, the probability of a 25 bpbs rate hike in June increased to 31.4% from 28.40% a week ago.
The US 10-year yield pared some of its gains ahead of the US debt deal. The US 10 and 2-year spread narrowed to -56.8 from -108%.
The pair trades below short-term 21 EMA, 55 EMA, and long-term (200-EMA) in the 4-hour chart. Any indicative break below 1.07600 confirms intraday bearishness; a dip to 1.0700/1.066 is possible. The near-term resistance is around 1.0850. The breach above targets 1.0900/1.09300/1.1000.
Indicator (4-hour chart)
CCI – Bearish
Directional movement index – neutral
It is good to sell on rallies around 1.0850 with SL around 1.0900 for a TP of 1.0750.
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