FxWirePro- EURUSD Daily Outlook

FxWirePro- EURUSD Daily Outlook 

Ichimoku analysis (4-hour chart)
 
 Tenken-Sen- 1.07902
 
 Kijun-Sen- 1.08585
 
EURUSD  declined sharply on cautious market sentiment. It hit a multi-week low of 1.07554 and is currently trading around 1.07579.

The pair lost its shine after mixed US jobs data. Although the US economy created 187000 jobs in August and unemployment rate rose sharply to 3.8% from 3.6%.ECB President Lagarde said at an event in London that central banks should keep inflation under control.

According to the CME Fed watch tool, the probability of a no-rate hike in Sep increased to 93% from 78% a week ago.
 
 The US 10-year yield trades flat due to the US labor market holiday. The US 10 and 2-year spread narrowed to -69% 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 below 1.0760 confirms intraday bearishness, a decline to 1.0700/1.0660  is possible. The near-term resistance is around 1.0850. The breach above targets 1.0900/1.0965/1.1000.
 
   Indicator (4-hour chart)
 
   CCI – Bearish
 
  Directional movement index – Bearish
 
It is good to sell on rallies around 1.0798-80 with SL around 1.0860 for a TP of 1.0660.