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EURUSD consolidating in a narrow range between 1.05882 and 1.05058 for the past three days. Markets await ECB and Fed monetary policy decisions for further direction. The renewed market sentiment after China eases Covid lockdown rules supports Euro at lower levels. It hits an intraday high of 1.05549 and is currently trading around 1.05493.
Major economic data to watch- German ZEW economic sentiment and US CPI for further direction.
According to the CME Fed watch tool, the probability of a 50 bpbs rate hike in Dec rose to 77% from 75.80% a week ago.
The US 10-year yield gained more than 6. 5% from yesterday's low of 3.404%. The US 10 and 2-year spread widened to -77 basis points from -67 bpbs.
Technical:
On the higher side, near-term resistance is around 1.0600 and any convincing breach above will take the pair to the next level of 1.06771/1.0750.
The pair's immediate support is at 1.0500, breaking below targets of 1.0430/1.0370/1.02900.
Indicator (4-hour chart)
Directional movement index – Neutral
CCI(50)- Bullish
It is good to buy on dips around 1.0528-30 with SL around 1.0470 for a TP of 1.0670.
