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Ichimoku analysis (4-hour chart)
Tenken-Sen- 1.06998
Kijun-Sen- 1.07203
EURUSD is trading below 1.0700 on board-based US dollar buying. German Apr industrial production came at 0.30% vs 0.60% m/m expected. It hits an intraday low of 1.06682 and is currently trading around 1.06887.
According to the CME Fed watch tool, the probability of a no-rate hike in June increased to 81% from 33.40% a week ago.
The US 10-year yield pared some of its gains in the hope of a dovish rate pause by the Fed. The US 10 and 2-year spread narrowed to -82.9% 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 1.0660 confirms intraday bearishness; a dip to 1.0600/1.0570/1.0500 is possible. The near-term resistance is around 1.0720. The breach above targets 1.0780/1.0800/1.0865/1.0900.
Indicator (4-hour chart)
CCI – Neutral
Directional movement index – neutral
It is good to sell on rallies around 1.0758-60 with SL around 1.0800 for a TP of 1.0600.
