FxWirePro- EURUSD Daily Outlook

Ichimoku analysis (4-hour chart)

 Tenken-Sen- 1.06810

 Kijun-Sen- 1.06379

EURUSD has traded in a narrow range between 1.07308 and 1.07038 for the past two days. Markets eye German ZEW economic sentiment for further direction. The easing fear of banking turmoil after UBS  rescued Credit Suisse in a $3.24 billion deal.  It hits an intraday high of 1.07219 and is currently trading around 1.07158.

 According to the CME Fed watch tool, the probability of a  25 bpbs rate hike in Mar increased to 73.8% from 65% a week ago.

  The US 10-year yield showed a minor pullback ahead of the US Fed meeting. The US 10 and 2-year spread narrowed to 48% from -107%.

Technical:

The pair trades above short-term 21 EMA, 55 EMA, and long-term (200-EMA) in the 4-hour chart.  Any close above 1.07600 confirms further bullishness, a jump to 1.0800/1.0880  is possible. The near-term support is around 1.0680. The breach below will drag the pair to 1.0650/1.0680.

  Indicator (4-hour chart)

  CCI – Bullish

  Directional movement index – Bullish

It is good to buy on dips around 1.0600 with SL around 1.0550 for a TP of 1.0760.