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Ichimoku analysis (4-hour chart)
Tenken-Sen- 1.07223
Kijun-Sen- 1.07512
EURUSD hits fresh 8-week low on board-based US dollar buying. The delay in US debt negotiation and increased chance of a rate hike by the Fed in June supported the US dollar at lower levels. It hits an intraday low of 1.06725 and is currently trading around 1.07016.
According to the CME Fed watch tool, the probability of a 25 bpbs rate hike in June increased to 60.10% from 25.70% a week ago.
The US 10-year yield pared some of its gains due to profit booking. The US 10 and 2-year spread narrowed to -81.20% 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 1.0660 confirms intraday bearishness; a dip to 1.0600/1.0600 is possible. The near-term resistance is around 1.0760. The breach above targets 1.0800/1.0865/1.0900.
Indicator (4-hour chart)
CCI – Bearish
Directional movement index – Bearish
It is good to sell on rallies around 1.0720 with SL around 1.0760 for a TP of 1.0600.
