FxWirePro: EURUSD Daily Outlook

FxWirePro: EURUSD Daily Outlook

Ichimoku Analysis (Hourly chart)

Tenken-Sen- 1.11188

Kijun-Sen- 1.11257

EURUSD is trading weak for the past 3 trading days, hits low of 1.11070 yesterday. Markets eye US PCE, consumer spending and GDP for further direction. US initial jobless claims dropped to -18k to 234K vs forecast of 225k, Philly fed manufacturing index declined sharply to 0.3 in Dec vs estimate 8.5. 

US 10-year yield recovered more than 2.5% from a low of 1.898%. The spread between US 10-year and 2-year widened to 30 bps from 12.9 bps.

On the higher side, significant resistance is around 1.1180 and any break beyond targets 1.1245/1.12885. The secondary level to be watched is around 1.1150.

The near term primary support is at 1.1100, indicative breach under will drag the pair down to 1.10670/1.10350. Trend continuation only beneath 1.0880.

It is good to sell on rallies around 1.1148-50 with SL around 1.1180 for the TP of 1.10680.