FxWirePro- EURUSD Daily Outlook

Ichimoku analysis (4-hour chart)

 Tenken-Sen- 1.07324

 Kijun-Sen- 1.07268

EURUSD trading flat ahead of US CPI data. It hit a low of 1.07310 at the time of writing and currently trading around 1.07405.

German ZEW economic sentiment improved in Sep to -11.40 points, above the forecast of -15.40 points.

According to the CME Fed watch tool, the probability of a no-rate hike in Sep increased to 93% from 92% a week ago.

 The US 10-year yield trades flat ahead of the US CPI. The US 10 and 2-year spread widened to -74% from -57%.

The pair trades above short-term 21 EMA,  below  55 EMA, and long-term (200-EMA) in the 4-hour chart.  Any break below 1.0660 confirms further bearishness. A decline to 1.0600/1.0500  is possible. The near-term resistance is around 1.0770, any breach above targets is 1.0800/1.0880.

   Indicator (4-hour chart)

   CCI – Bearish

  Directional movement index – Bullish

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