Ichimoku analysis (4-hour chart)
Tenken-Sen- 1.08691
Kijun-Sen- 1.08823
EURUSD showed a minor pullback on board-based US dollar selling. The US dollar showed a minor reaction as PCE rose 4.4% YoY, below the estimate of 4.7%. The market eyes US Fed and ECB monetary policy this week for further direction. It hits an intraday high of 1.08895 and is currently trading around 1.08836.
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.
