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Ichimoku analysis (4-hour chart)
Tenken-Sen- 1.09858
Kijun-Sen- 1.10026
EURUSD recovered slightly after mixed Eurozone inflation. The collapse of the First republic bank also put pressure on the US dollar at higher levels. Markets eye US Fed monetary policy for further direction. The pair hits an intraday high of 1.10311 and currently trading around 1.10283.
Major economic data
May 3rd, 2023 US ISM services PMI (2 pm GMT)
FOMC statement (6 pm GMT)
According to the CME Fed watch tool, the probability of a 25 bpbs rate hike in May decreased to 86.7% from 93.20% a day ago.
The US 10-year yield declined more than 5% due to banking turmoil. The US 10 and 2-year spread narrowed to -54.30% from -108%.
The pair trades above short-term 21 EMA, 55 EMA, and above long-term (200-EMA) in the 4-hour chart. Any indicative break above 1.1035 confirms intraday bullishness; a jump to 1.110/1.1165 is possible. The near-term support is around 1.0950. The breach below targets 1.0900/1.08300.
Indicator (4-hour chart)
CCI –Bullish
Directional movement index – neutral
It is good to buy on dips around 1.0958-60 with SL around 1.0900 for a TP of 1.1100.
