FxWirePro- EURUSD Daily Outlook

Ichimoku analysis (4-hour chart)

Tenken-Sen- 1.08588

Kijun-Sen- 1.09051

EURUSD lost its shine after the US Nonfarm payroll. The US economy has added 517000 jobs in Jan vs . the forecast of 185000. The unemployment rate dropped to 3.4%, above the estimate of 3.6%. It hits a low of 1.0770 at the time of writing and is currently trading around 1.07860.

 The US 10-year recovered more than 7 after hitting a low of 3.334%. Any break and close above 3.63% confirm minor bullishness. The yield spread between 10 and 2-year widened to -79 basis points from -72.40 bpbs.

 Technical:

The pair is trading below short-term (21EMA, 55 EMA), and above long-term (200-EMA) in the 4-hour chart.  Any break below 1.07500 confirms intraday bearishness; a dip to 1.0700/1.0600 is possible. The near-term resistance is around 1.0825. The breach above will push the pair to 1.08850/1.09450/1.1000.

Indicator (4-hour chart)

CCI – Bearish

Directional movement index – Bearish

It is good to sell on rallies around 1.0828-300 with SL around 1.08850 for a TP of 1.06000.