FxWirePro- EURUSD Daily Outlook

Ichimoku analysis (4-hour chart)

 Tenken-Sen- 1.05862

 Kijun-Sen- 1.05732

EURUSD showed a nice jump on upbeat market sentiment. It hit a  high of 1.06253 yesterday and is currently trading around 1.06093.

The annual German CPI declined to 3.8%, below market expectations of 4%. Markets eye Eurozone CPI and GDP data for further direction.

Major Economic Data for the day

Oct 31st, 2023, Employment cost index  q/q (12:30 pm GMT)

                          S&P/CS Composite -20 HPI y/y  (1 pm GMT)

                         Chicago PMI and CB consumer confidence (1:45 and 2 p.m. GMT)

According to the CME Fed watch tool, the probability of a no-rate hike in Nov decreased to 98.3% from 98.9% a week ago.

 The US 10-year yield declined slightly on easing geopolitical tension. The US 10 and 2-year spread narrowed to -16.20% from -75%.

The pair trades above short-term 21 EMA,  55 EMA, and below long-term (200-EMA) in the 4-hour chart.  Any break above 1.06300  confirms further bullishness. A jump to 1.0700/1.0760 is possible. The near-term support is around 1.0545, and any breach below targets 1.04800/1.04400. Bullish invalidation only if it breaks below 1.0440.

   Indicator (4-hour chart)

   CCI – bullish

  Directional movement index – Neutral

It is good to buy above 1.06300 with SL around 1.0575 for a TP of 1.0800