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Ichimoku analysis (4-hour chart)
Tenken-Sen- 0.99911
Kijun-Sen- 0.99732
EURUSD pared some of its gains ahead of US Fed chairman Powell's speech at the Jackson hole symposium. The demand for safe-haven assets like the US dollar increased due to the European energy crisis. Markets eye US PCE data today for further movement.
US GDP contracts 0.6% in Q2, annualized less than the forecast of 0.90%. The number of people who have filed for unemployment benefits dropped by 2000 last week to 243000 vs an estimate of 250K.
According to the CME Fed watch tool, the probability of a 75 bpbs rate hike in Sep rose to 60.50% from 41% a week ago.
EURUSD hits an intraday low of 0.99467 and is currently trading around 0.99750.
Technical:
On the higher side, near-term resistance is around 1.000 and any convincing breach above will drag the pair to the next level of 1.0350/1.0500/1.075.
The pair's immediate support is at 0.9900, breaking below targets of 0.9860/0.9800.
Indicator (4-hour chart)
Directional movement index – Bearish
It is good to sell on rallies around 0.9978-80with SL around 1.0020 for a TP of 0.98050.
