FxWirePro- EURUSD Daily Outlook

Ichimoku analysis (4-hour chart)
 
 Tenken-Sen- 1.10536
 
 Kijun-Sen- 1.11247
 
EURUSD trades weak ahead of US Fed monetary policy.  US Fed plans to hike rates by 25 bpbs and markets eye Powell's guidance for further direction.  It hits an intraday low of  1.10204 and is currently trading around 1.10686.

According to the CME Fed watch tool, the probability of a 25 bpbs rate hike in July increased to 98.90% from 98% a week ago.
 
 The US 10-year yield trades flat ahead of US-fed monetary policy. The  US 10 and 2-year spread narrowed to -99.20% from -110%.
 
The pair trades below short-term 21 EMA,  55 EMA, and above long-term (200-EMA) in the 4-hour chart.  Any indicative break below 1.1020 confirms intraday bearishness; a decline to 1.1000/1.0950  is possible. The near-term resistance is around 1.1110. The breach above targets 1.1150/1.1200/1.1275.
 
   Indicator (4-hour chart)
 
   CCI – Bearish
 
  Directional movement index – Bearish
 
It is good to sell on rallies around 1.1100 with SL around 1.1150 for a TP of 1.1000.