FxWirePro- EURUSD Daily Outlook 

Ichimoku analysis (4-hour chart)
 
 Tenken-Sen- 1.10188
 
 Kijun-Sen- 1.09647
 
EURUSD pared most of its gains on board-based US dollar buying. The US dollar gained momentum in hopes of a 25 bpbs rate hike by the Fed. It hits a low of 1.09616 and is currently trading around 1.09832.

In Mar, retail sales fell by -1%, and core retail sales dropped by -0.80%.

Significant economic data for the Week

Apr 20th, 2023  US Initial jobless claims  (12:30 pm GMT).
                            
 Philly Fed manufacturing (2:00 pm)
                             
 Existing Home Sales (2:00 pm)

Apr 21st, 2023 US Flash manufacturing PMI  (1:45 pm GMT)

 According to the CME Fed watch tool, the probability of a 25 bpbs rate hike in May increased to 80.90% from 71.2% a week ago.

 The US 10-year yield gained in hopes of a 25 bpbs rate hike in the May 3rd meeting. The US 10 and 2-year spread narrowed to -59.7% from -108%.

The pair trades below short-term 21 EMA,  55 EMA, and long-term (200-EMA) in the 4-hour chart.  Any indicative break above 1.1075 confirms intraday bullishness, a jump to 1.110/1.1165  is possible. The near-term support is around 1.103. The breach below targets 1.100/1.0930/1.0900/1.0830.

 Indicator (4-hour chart)

  CCI –  Bullish

  Directional movement index – Bullish
     
It is good to buy on dips around 1.0900 with SL around 1.0840 for a TP of 1.1035.