FxWirePro- EURUSD Daily Outlook

Ichimoku analysis (4-hour chart)

 Tenken-Sen- 1.09817

 Kijun-Sen- 1.09267

EURUSD surged higher on board-based US dollar selling. The decline in US consumer inflation expectations falls to 3.8%.Markets eye German ZEW consumer sentiment for further direction. It hits a high of  1.10220 and is currently trading around 1.10149.

According to the CME Fed watch tool, the probability of a 25 bpbs rate hike in July increased to 94.90% from 86.80% a week ago.

 The US 10-year yield pared some of its gains despite hawkish comments from fed officials.  The  US 10 and 2-year spread narrowed to -86.80% from -110%.

The pair trades above short-term 21 EMA,  55 EMA, and long-term (200-EMA) in the 4-hour chart.  Any indicative break above 1.1030 confirms intraday bullishness; a jump to 1.1100 is possible. The near-term support is around 1.0960. The breach below targets 1.0900/1.0865/1.0830/1.0800.

   Indicator (4-hour chart)

   CCI – Bullish

  Directional movement index – Bullish

It is good to buy on dip around 1.100 with SL around 1.0960 for a TP of 1.110.