FxWirePro- EURUSD Daily Outlook

Ichimoku analysis (4-hour chart)

 Tenken-Sen- 1.08837

 Kijun-Sen- 1.08637

EURUSD  pared some of its gains ahead of US nonfarm payroll. It hit a low of 1.08361 and is currently trading around 1.08458.

The US economy is expected to add 169000 jobs in August compared to a forecast of 187000—the unemployment rate to remain stable at 3.5%.

Major economic data for the day

Sep 1st, 2023, US Nonfarm payroll (12:30 pm GMT)

            Unemployment rate

US ISM manufacturing PMI (2:00 pm GMT)

According to the CME Fed watch tool, the probability of a no-rate hike in Sep increased to 89% from 81% a week ago.

 The US 10-year yield consolidates in a narrow range ahead of US jobs data. The US 10 and 2-year spread narrowed to -75% from -86.4%.

The pair trades below short-term 21 EMA,  55 EMA, and long-term (200-EMA) in the 4-hour chart.  Any indicative break above  1.0880 confirms intraday bullishness, a jump to 1.0935/1.0960/1.1000  is possible. The near-term support is around 1.0800. The breach below targets 1.07600/1.0700/1.0660.

   Indicator (4-hour chart)

   CCI – Neutral

  Directional movement index – Neutral

It is good to buy on dips around 1.08350-380 with SL around 1.0800 for a TP of 1.1000.