FxWirePro- EURUSD Daily Outlook

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.