FxWirePro- EURUSD Daily Outlook

Ichimoku analysis (4-hour chart)

 Tenken-Sen- 1.07192

 Kijun-Sen- 1.06483

EURUSD showed a minor sell-off and trades below 1.0750. US CPI rose 0.40% last month in line with the estimate, below 0.50% the previous month. The yearly CPI declined to 6% in Feb, the smallest annual gain since Sep 2021. It hits an intraday high of 1.07599 and is currently trading around 1.07366.

 According to the CME Fed watch tool, the probability of a 25 bpbs rate hike in Mar increased to 81.2% from 30.2% a week ago.

 The US 10-year yield recovered more than 3.5% after a major sell-off. The US 10 and 2-year spread narrowed to 63% from -107%.

Technical:

The pair trades above short-term 21 EMA, below 55 EMA, and long-term (200-EMA) in the 4-hour chart.  Any break above 1.0760 confirms further bullishness, a jump to 1.0810/1.0850 is possible. The near-term support is around 1.07000. The breach below will drag the pair to 1.0650/1.06000.

  Indicator (4-hour chart)

  CCI – Bullish

  Directional movement index – Bullish

It is good to buy on dips around 1.06 with SL around 1.0600 for a TP of 1.0800.