FxWirePro- EURUSD Daily Outlook

Ichimoku analysis (4-hour chart)

 Tenken-Sen- 1.09190

 Kijun-Sen- 1.08871

EURUSD trades flat ahead of US Fed chairman speech. Markets await the US Fed chairman's testimony today for further direction. He will submit his semi-annual monetary policy report to Congress today and tomorrow. Any hawkish stance will push the US dollar price higher. It hits an intraday high of  1.09358 and is currently trading around 1.09356.

 According to the CME Fed watch tool, the probability of a 25 bpbs rate hike in July increased to 76.90% from 60.3% a week ago.

 The US 10-year yield consolidated in a narrow range between 3.849% and 3.70% for the past week. The US 10 and 2-year spread widened to -96% 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 1.1000 confirms intraday bullishness; a jump to 1.107/1.1150 is possible. The near-term support is around 1.08800. The breach below targets 1.0828/1.0800.

   Indicator (4-hour chart)

   CCI – Bullish

  Directional movement index – Bullish

It is good to buy on dips around 1.0900 with SL  around 1.0860 for a TP of 1.100.