FxWirePro- EURUSD Daily Outlook

Ichimoku analysis (4-hour chart)

 Tenken-Sen- 1.07616

 Kijun-Sen- 1.07292

EURUSD  jumped above 1.0800 and hits its highest level since May 24th, 2023 ahead of US CPI. The yearly inflation is expected to decline to 4.1% in May from 4.9%.On a monthly basis, headline CPI is expected to show a minor drop to 0.20% from 0.40%. It hits an intraday low of  1.08074 and is currently trading around 1.08005.

   According to the CME Fed watch tool, the probability of a no-rate hike in June increased to 81.50% from 75.90% a week ago.

 The US 10-year yield is trading flat ahead of the US CPI. The US 10 and 2-year spread widened to -86% from -35%.

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 1.0810 with SL  around 1.0865 for a TP of 1.0700.