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Ichimoku analysis (4-hour chart)
Tenken-Sen- 1.08133
Kijun-Sen- 1.08167
EURUSD pared some of its gains after weak German PMI data. The flash manufacturing PMI came at 42.9 in May, a 36-month low. The services PMI jumped to 57.8 vs 55.30 expected. It hits an intraday low of 1.07850 and is currently trading around 1.08072.
According to the CME Fed watch tool, the probability of a no-rate hike in June increased to 84.70% from 77.50% a week ago.
The US 10-year yield traded higher for six consecutive days. The US 10 and 2-year spread narrowed to -62% 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 below 1.07600 confirms intraday bearishness; a dip to 1.0700/1.066 is possible. The near-term resistance is around 1.0850. The breach above targets 1.0900/1.09300/1.1000.
Indicator (4-hour chart)
CCI – Bearish
Directional movement index – neutral
It is good to sell on rallies around 1.0850 with SL around 1.0900 for a TP of 1.0750.
