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EURUSD continues to gain due to upbeat market sentiment. The US dollar plunged sharply after weak US CPI data. Consumer prices rose 7.7% in Oct, down from the previous month's 8.2%, below the estimate of 8%. Chinese easing its Covid restrictions and cutting the quarantine period for travelers also increased risk appetite. EURUSD hits 1.02736, the highest level since Aug 12th, 2022. It is currently trading around 1.02475.
According to the CME Fed watch tool, the probability of a 75 bpbs rate hike in Dec dropped to 19.4% from 48% a week ago.
The US 10-year yield lost more than 10% after hitting a high of 4.244%. The US 10 and 2-year spread narrowed to -51.90 basis points from -67 bpbs.
Technical:
On the higher side, near-term resistance is around 1.03000 and any convincing breach above will drag the pair to the next level of 1.13700/1.1400.
The pair's immediate support is at 1.0180, breaking below targets of 1.0140/1.010.
Indicator (4-hour chart)
Directional movement index – Bullish
CCI(50)- Bullish
It is good to buy on dips around 1.0180 with SL around 1.0140 for a TP of 1.030.
