FxWirePro- EURUSD Daily Outlook

Ichimoku analysis (4-hour chart)

 Tenken-Sen- 1.07390

 Kijun-Sen- 1.07270

EURUSD  showed a nice pullback on board-based US dollar selling. The US dollar index lost momentum after weak jobs data.  The number of people who have filed rose by 28000 to 261000 in the week ending June 3, the highest level since Oct 2021. It hits an intraday low of  1.07871 and is currently trading around 1.07782.

  According to the CME Fed watch tool, the probability of a 25 bpbs rate hike in June decreased to  25.2% from 27.5% a day ago.

 The US 10-year yield pared some of its gains on profit booking. The US 10 and 2-year spread widened to -71.10% from -79%.

.The pair trades above short-term 21 EMA, 55 EMA, and below long-term (200-EMA) in the 4-hour chart.  Any indicative break above 1.0810 confirms intraday bullishness; a jump to 1.08600/1.0900 is possible. The near-term support is around 1.0760. The breach below targets 1.0720/1.0700.

   Indicator (4-hour chart)

   CCI – Neutral

  Directional movement index – neutral

It is good to sell on rallies around 1.0800 with SL  around 1.0865 for a TP of 1.0700.