FxWirePro- EURUSD Daily Outlook

Ichimoku analysis (4-hour chart)

 Tenken-Sen- 1.09271

 Kijun-Sen- 1.08807

EURUSD showed a minor sell-off despite German Industrial production. It rose by 2% in Feb, slightly above the estimate of 0.10%. It hits an intraday high of 1.09171 and is currently trading around 1.08999.

US private sector has added 145000 jobs in Mar, compared to a forecast of 208000. US ISM services slowed to 51.20 in Mar, below the estimate of 54.30.

 According to the CME Fed watch tool, the probability of a 25 bpbs rate hike in May increased to 44.8% from 44.2% a day ago.

 The US 10-year yield falls to 3.26%, the lowest level since Sep 12 2022 due to weak US economic data. The US 10 and 2-year spread narrowed to -56% from -108%.

The pair trades above short-term 21 EMA, 55 EMA, and long-term (200-EMA) in the 4-hour chart.  Any indicative break above 1.0980 confirms intraday bullishness, a jump to 1.100/1.1035  is possible. The near-term support is around 1.0870. The breach below targets 1.0830/1.0780.

 Indicator (4-hour chart)

  CCI –  Neutral

  Directional movement index – neutral

It is good to buy on dips around 1.0915 with SL around 1.0870 for a TP of 1.100.