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Ichimoku analysis (4-hour chart)
Tenken-Sen- 1.06132
Kijun-Sen- 1.06283
EURUSD recovered more than 80 pips from a low of 1.05735 on easing the US treasury yield. The pair has not shown many reactions the previous week despite upbeat Eurozone inflation. Markets eye US Fed chairman testimony, US Non-farm payroll data this week for further direction. EURUSD hits an intraday high of 1.06568 and is currently trading around 1.06521.
US ISM services PMI surged for a second consecutive month to 55.1in Feb, well above the estimate of 54.50
Major economic data today
Euro Retail sales
According to the CME Fed watch tool, the probability of a 25 bpbs rate hike in Mar increased to 75.30% from 71.60% a day ago.
Technical:
The pair is trading above short-term 21 EMA, 55 EMA, and long-term (200-EMA) in the 4-hour chart. Any break below 1.0600 confirms intraday bearishness; a dip to 1.0570/1.0530/1.0500 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 buy on dips around 1.06300-325 with SL around 1.0570 for a TP of 1.0800.
