Intraday trend – Bullish
Intraday resistance- 1.0780
The pair surged nearly 100 pips from yesterday's low of 1.06272 on mixed US economic data. The private US payrolls came to 128K in May, compared to a forecast of 295K. The number of people who have filed for unemployment benefits dropped to 200K last week vs. an estimate of 210K. According to the CME Fed watch tool, the probability of a 50 bpbs rate hike in Jun jumped to 99.30% from 93.3% a week ago. The pair made a high of 1.07436 at the time of writing and is currently trading around 1.07380.
Technical-
Any breach below 1.0700 confirms an intraday bearishness; a dip to 1.0600/1.05000 is possible.
The immediate resistance to be watched is 1.0780; any violation above will take the pair to 1.0825/1.0875/1.0900.Indicators (4-hour)
Directional movement index –Neutral
CCI (50) – neutral
It is good to buy on dips around 1.0700 with SL around 1.0640 for a TP of 1.0850.
