FxWirePro- EURUSD Daily Outlook

Ichimoku analysis (4-hour chart)

 Tenken-Sen- 1.06856

 Kijun-Sen- 1.06908

EURUSD showed a minor pullback ahead of US CPI data. It hit a high of 1.07068 at the time of writing and is currently trading around 1.07062.

The analyst expects a headline CPI to have risen to 0.1% from 0.30%. The annual inflation to fall 3.3% from the previous month's 3.7%.

Major Economic Data for the day

 Nov 14 th 2023, US Core CPI m/m (1:30 pm GMT)

According to the CME Fed watch tool, the probability of a no-rate hike in Nov decreased to 85.70% from 90.2% a week ago.

 The US 10-year yield is trading flat ahead of the US CPI. The US 10 and 2-year spread widened to  -40% from -16%.

The pair trades above short-term 21 EMA,   55 EMA, and long-term (200-EMA) in the 4-hour chart.  Any break below 1.0660 confirms further bearishness. A decline to 1.0600/1.0550 is possible. The near-term resistance is around 1.0720 and any breach above targets is 1.0765/1.0835. Bullish invalidation only if it breaks below 1.0440.

   Indicator (4-hour chart)

   CCI – bullish

  Directional movement index – neutral

It is good to sell on rallies around 1.0700-025 with SL around 1.0760 for a TP of 1.0440.