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Ichimoku analysis (4-hour chart)
Tenken-Sen- 1.06326
Kijun-Sen- 1.06207
EURUSD showed a minor 50 pips pullback on mixed Fed talks. Federal Bank of Atlanta President Bostic said that the central bank will pause the rate hike by mid to late summer. On the other hand, Boston Fed President Susan supports further rate tightening to tackle inflation. The jump in Eurozone CPI also pushed Euro slightly higher. EURUSD hits an intraday high of 1.06229 and is currently trading around 1.06191.
The number of people who have filed for unemployment benefits fell by 2000 to 190000 the previous week, compared to a forecast of 195000.
Major economic data today
US services PMI
According to the CME Fed watch tool, the probability of a 50 bpbs rate hike in Mar decreased to 29.2% from 29.9% a day ago.
Technical:
The pair is trading below short-term 21 EMA, 55 EMA, and long-term (200-EMA) in the 4-hour chart. Any break below 1.05700 confirms intraday bearishness; a dip to 1.0530/1.0500 is possible. The near-term resistance is around 1.0660. The breach above will push the pair to 1.0700/1.08000/1.08850.
Indicator (4-hour chart)
CCI – Bullish
Directional movement index – Neutral
It is good to sell on rallies around 1.0660 with SL around 1.0710 for a TP of 1.0480.
