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FxWirePro- EURUSD Daily Outlook
EURUSD showed a minor pullback above 1.06500 after the upbeat German IFO index. It came to 88.6 in Dec from 86.40 in Nov. It hits an intraday high of 1.06580 and is currently trading around 1.0153.
According to the CME Fed watch tool, the probability of a 50 bpbs rate hike in Dec rose to 73.40% from 40.6% a week ago.
The US 10-year yield pared some of its gains made the previous week. The US 10 and 2-year spread narrowed to -67 basis points from -85 bpbs.
Technical:
On the higher side, near-term resistance is around 1.0660 and any convincing breach above will take the pair to the next level of 1.0700/ 1.0750/1.0800.
The pair's immediate support is at 1.0570, breaking below targets of 1.0500/1.0430/1.0370/1.02900.
Indicator (4-hour chart)
Directional movement index – Bullish
CCI(50)- Bullish
It is good to buy on dips around 1.0600 with SL around 1.0560 for a TP of 1.0750.
