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FxWirePro- EURUSD Daily outlook

Ichimoku analysis (4-hour chart)

              

 Tenken-Sen- 1.03915

 

 Kijun-Sen- 1.04671

 

EURUSD formed a double top around 1.03450 and showed a minor pullback above 1.0400 after a minor pullback. The pair was one of the worst performers in the past 1-1/2 months and lost more than 6.5% on board-based US dollar buying. The policy divergence between the US fed and ECB puts Pressure on Euro at higher levels. EURUSD hits an intraday low of 1.04357 and is currently trading around 1.04244.

 

Technical:

On the higher side, near-term resistance is around 1.0500 and any convincing breach above will drag the pair to the next level of 1.0570/1.0600/1.0650.

 

The pair's immediate support is at 1.0340, breaking below targets of 1.0300/1.0250.

 

Indicator (4-hour chart)

 

Directional movement index – Bearish

 

It is good to buy on dips around 1.038 with SL around 1.0340 for a TP of 1.0500.

 

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