Ichimoku analysis (4-hour chart)
Tenken-Sen- 1.09174
Kijun-Sen- 1.09698
EURUSD trades above the 1.0900 level ahead of German ZEW economic sentiment. It hits a low of 1.08750 yesterday and is currently trading around 1.09208.
Major economic data for the day
Aug 15th, 2023, US Core retail sales m/m (12:30 pm GMT)
According to the CME Fed watch tool, the probability of a no-rate hike in Sep decreased to 88.5% from 85% a week ago.
The US 10-year yield hits multi-week in hopes of a further rate hike by the Fed. The US 10 and 2-year spread narrowed to -76% from -110%.
The pair trades below short-term 21 EMA, below 55 EMA, and long-term (200-EMA) in the 4-hour chart. Any indicative break below 1.0900 confirms further bearishness: a decline to 1.0830/1.0760 is possible. The near-term resistance is around 1.0950 The breach above targets 1.1000/ 1.1070/1.1100/1.1150.
Indicator (4-hour chart)
CCI – bearish
Directional movement index – Bearish
It is good to sell on rallies around 1.0948-50 with SL around 1.1000 for a TP of 1.0800.


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