FxWirePro- EURUSD Daily Outlook

Ichimoku analysis (4-hour chart)

 Tenken-Sen- 1.10155

 Kijun-Sen- 1.1000

EURUSD recovered after a massive sell-off yesterday. The pair jumped more than 70 pips in the European session as a recovery in risk sentiment. It hits an intraday low of 1.10543 and is currently trading around 1.10449. 

US conference board consumer confidence declined to 101.30  lowest level since July 2022, compared to a forecast of 104.10. US Richmond Manufacturing Index Apr -10 Vs. Expected -8.

Major economic data

Apr 26th, 2023 US Core Durable goods order  (12:30 pm GMT).

According to the CME Fed watch tool, the probability of a no-rate hike in May increased to 23.3% from 9.5% a day ago.

 The US 10-year yield trades are weak for the fifth consecutive day on weak US economic data. The US 10 and 2-year spread narrowed to -52.5% 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 1.1070 confirms intraday bullishness; a jump to 1.110/1.1165 is possible. The near-term support is around 1.100. The breach below targets 1.0960/1.0930.

 Indicator (4-hour chart)

  CCI – Bullish

  Directional movement index – neutral

It is good to buy on dips around 1.100 with SL around 1.0950 for a TP of 1.1100.