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Ichimoku analysis (4-hour chart)
Tenken-Sen- 1.08900
Kijun-Sen- 1.08823
EURUSD trades in a narrow range ahead of the US PCE. The pair was one of the best performers in the past three months on declining US CPI. The policy divergence between US Fed and ECB got narrowed on ECB rate hike bets. It hits an intraday low of 1.08655 and is currently trading around 1.08707.
The US economy expanded at an annual rate of 2.9% in Q4, above expectations of 2.6%. The number of people who have filed for unemployment benefits in the week ending Jan 21 st compared to the forecast of 205K.
Technical:
The pair is trading below short-term (21EMA) and above 55 EMA and long-term (200-EMA) in the 4-hour chart. Any break below 1.08350 confirms intraday bearishness, a dip to 1.0800/1.07600 is possible. The near-term resistance is around 1.09000. The breach above will push the pair to 1.0950/1.1000.
Indicator (4-hour chart)
CCI – Bullish
Directional movement index – Bearish
It is good to buy on dips around 1.0865 with SL around 1.08250 for the TP of 1.100/1.1060.
