FxWirePro- EURUSD Daily Outlook
Ichimoku analysis (4-hour chart)
Tenken-Sen- 1.12234
Kijun-Sen- 1.11108
EURUSD is trading higher for a second consecutive week on upbeat market sentiment. The University of Michigan's consumer sentiment rose in Jul to 72.60, compared to a forecast of 65.50. It hits a high of 1.12445 and is currently trading around 1.12428.
According to the CME Fed watch tool, the probability of a 25 bpbs rate hike in July increased to 96.10% from 93% a week ago.
The US 10-year yield is trading weak for the fourth consecutive day. The US 10 and 2-year spread narrowed to -93.60% 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 1.1250 confirms intraday bullishness; a jump to 1.1300/1.1380 is possible. The near-term support is around 1.1180 The breach below targets 1.1130/1.1070.
Indicator (4-hour chart)
CCI – Bullish
Directional movement index – Bullish
It is good to buy on dip around 1.1180 with SL around 1.1130 for a TP of 1.1300.
