Ichimoku analysis (4-hour chart)
Tenken-Sen- 1.08748
Kijun-Sen- 1.08355
EURUSD showed a minor sell-off after hitting the temporary top of 1.09295. The pair was one of the best performers this month hoping for a rate pause by the Fed. It hits an intraday low of 1.08758 and is currently trading around 1.08773.
US Final GDP grew in the fourth quarter to 2.6% vs. the Estimate of 2.7%. The number of people who have filed for unemployment benefits for the week ended Mar 25th rose by 7000 to 198000, above the estimate of 196000.
Major economic data for the day
Mar 30th, 2023 US Core PCE index (1:30 pm GMT).
Chicago PMI (2:45 pm GMT)
The pair trades above short-term 21 EMA, 55 EMA, and long-term (200-EMA) in the 4-hour chart. Any indicative break above 1.0930 confirms intraday bullishness, a jump to 1.100/1.035 is possible. The near-term support is around 1.08600. The breach below targets 1.0800/1.0760.
Indicator (4-hour chart)
CCI – Bullish
Directional movement index – neutral
It is good to buy on dips around 1.0840 with SL around 1.0780 for a TP of 1.0950.
