Ichimoku analysis (4-hour chart)
Tenken-Sen- 1.09421
Kijun-Sen- 1.09421
EURUSD regained positive momentum on board-based US dollar selling. Fed chairman testimony failed to push the US dollar higher. More ECB member hawkish comments supporting Euro at lower levels. It hits an intraday high of 1.09949 and is currently trading around 1.09874.
According to the CME Fed watch tool, the probability of a 25 bpbs rate hike in July decreased to 71.9% from 76.9% a day ago.
The US 10-year yield pared some of its gains despite hawkish Fed Chairman Powell's speech. The US 10 and 2-year spread widened to -99% 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 1.0950 with SL around 1.0900 for a TP of 1.1070.


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