FxWirePro- EURUSD Daily Outlook

FxWirePro- EURUSD Daily Outlook 

Ichimoku analysis (4-hour chart)
 
 Tenken-Sen- 1.05825
 
 Kijun-Sen- 1.06148
 
EURUSD trades near a month low on board-based US dollar buying. It hit a low of 1.05559 and is currently trading around 1.05650.

US Richmond manufacturing index for Sep came at 5 vs. -7 last month. The conference board's consumer confidence declined to 103 in Sep, compared to a forecast of 105.50.  Sales of new single-family houses tumbled 8.7% in August to 675K vs. 700k expected.

Markets eye US durable goods orders for further direction.

According to the CME Fed watch tool, the probability of a no-rate hike in Nov increased to 85.6% from 70.1% a week ago.
 
 The US 10-year yield holds above 4.50% in hopes of another 25 bpbs rate hike by the Fed. The US 10 and 2-year spread narrowed to -54% from -75%.
 

The pair trades below short-term 21 EMA,  below  55 EMA, and long-term (200-EMA) in the 4-hour chart.  Any break below 1.0500 confirms further bearishness. A decline to 1.04350/1.0400  is possible. The near-term resistance is around 1.0600, any breach above targets is 1.0660/1.0700/1.0760.
 
   Indicator (4-hour chart)
 
   CCI – Bearish
 
  Directional movement index – Bearish
 
It is good to sell on rallies around 1.0600 with SL around 1.0660 for a TP of 1.0435.