Ichimoku analysis (4-hour chart)
Tenken-Sen- 1.08569
Kijun-Sen- 1.08572
EURUSD lost its shine on the strong US dollar. The dollar index gained momentum after OPEC's unexpected oil cut fueled the crude oil rally. The pair was one of the best performers the previous month as the Silicon Valley bank collapse has increased the chance of a rate cut by the Fed. It hits an intraday high of 1.0817 and is currently trading around 1.08368.
US PCE price inflation rose 0.30% in Feb, below the estimate of 0.40%. The yearly PCE came at 4.6% vs. The estimate of 4.7%.
Major economic data for the day
Apr 3rd, 2023 US ISM manufacturing PMI (3:00 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 1.0850 confirms intraday bullishness, a jump to 1.0900/1.09300 is possible. The near-term support is around 1.0780. The breach below targets 1.0735/1.0700.
Indicator (4-hour chart)
CCI – Neutral
Directional movement index – neutral
It is good to buy on dips around 1.0800 with SL around 1.0760 for a TP of 1.0930.
