FxWirePro- EURUSD Daily Outlook

Ichimoku analysis (4-hour chart)

 Tenken-Sen- 1.07088

 Kijun-Sen- 1.07473

EURUSD showed a minor pullback after a 7-week sell-off. It hit a low of 1.06858 and currently trading around 1.07138

The number of people who have filed for unemployment benefits has dropped by 13000 to 216000 in the week ended Sep 2, compared to a forecast of 232000.

According to the CME Fed watch tool, the probability of a no-rate hike in Sep increased to 93% from 88% a week ago.

 The US 10-year yield showed a minor sell-off despite upbeat US jobless claims. The US 10 and 2-year spread narrowed to -70% from -74%.

The pair trades below short-term 21 EMA,  55 EMA, and long-term (200-EMA) in the weekly chart.  Any break below 1.0660 confirms further bearishness. A decline to 1.0600/1.0500  is possible. The near-term resistance is around 1.0760, any breach above targets is 1.0800/1.0880.

   Indicator (4-hour chart)

   CCI – Bearish

  Directional movement index – Bearish

It is good to sell on rallies around 1.0765-68 with SL around 1.0820 for a TP of 1.0600.