Ichimoku analysis (4-hour chart)
Tenken-Sen- 1.09393
Kijun-Sen- 1.09282
EURUSD is holding above 1.09500 due to hawkish ECB officials. European Central Bank President said, "It is unlikely that in the near future, the central bank will be able to state with full confidence that the peak rates have been reached."Markets eye US Fed Chairman Powell's speech for further direction. It hits an intraday low of 1.09358 and is currently trading around 1.09500.
Significant economic data for the day
US Fed Powell speech (1:30 pm GMT)
ECB Lagarde Speaks (3:00 pm GMT)
According to the CME Fed watch tool, the probability of a 25 bpbs rate hike in July increased to 76.9% from 74.40% a day ago.
The US 10-year yield showed a minor pullback after upbeat US data. The US 10 and 2-year spread widened to -98.7% from -94.8%.
The pair trades below short-term 21 EMA, above 55 EMA, and long-term (200-EMA) in the 4-hour chart. Any indicative break above 1.09350 confirms intraday bullishness; a jump to 1.0965/1.1000 is possible. The near-term support is around 1.0900. The breach below targets 1.0865/1.0828/1.0800/1.0760.
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 1.100/1.1090.
