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Ichimoku analysis (4-hour chart)
Tenken-Sen- 1.09705
Kijun-Sen- 1.09521
EURUSD lost its shine after weak Eurozone PMI data. German manufacturing PMI dropped fourth consecutive month to 43.2 in May, the fastest rate in three years. The services sector PMI declined to 54.1 in May, compared to a forecast of 54.10. It hits an intraday low of 1.08531 and is currently trading around 1.08675.
According to the CME Fed watch tool, the probability of a 25 bpbs rate hike in July decreased to 76.9% from 67% a week ago.
The US 10-year yield recovered after hawkish comments from the fed chairman. The US 10 and 2-year spread widened to -100% from -35%.
The pair trades below short-term 21 EMA, 55 EMA, and above long-term (200-EMA) in the 4-hour chart. Any indicative break above 1.08950 confirms intraday bullishness; a jump to 1.950/1.1000 is possible. The near-term support is around 1.08500. The breach below targets 1.0828/1.0800/1.0760.
Indicator (4-hour chart)
CCI – Neutral
Directional movement index – Bullish
It is good to sell on rallies around 1.0900 with SL around 1.0950 for a TP of 1.1070.
