Ichimoku analysis (4-hour chart)
Tenken-Sen- 0.9989
Kijun-Sen- 1.00764
EURUSD declined after a minor pullback above the 1.000 level.US PPI for August declined by -0.1% in line with expectations. The core producer price index jumped 0.40% vs the estimate of 0.30%. Markets eye US retail sales and empire state manufacturing index for further direction.
According to the CME Fed watch tool, the probability of a 100 bpbs rate hike in Sep rose to 30% from 0% a week ago.
US 10-year yield is trading higher for the past week and surged more than 37% from a minor bottom of 2.516%.
EURUSD hits a high of 0.99557 and is currently trading around 0.99770.
Technical:
On the higher side, near-term resistance is around 1.0200 and any convincing breach above will drag the pair to the next level of 1.0600/1.075/1.0100.
The pair's immediate support is at 0.9950, breaking below targets of 0.9890/0.9860.
Indicator (4-hour chart)
Directional movement index – Neutral
It is good to buy above 1.0200 with SL around 0.9960 for a TP of 1.0650. or
Sell below 0.9910 with SL around 0.9965 for TP of 0.9800.
