FxWirePro- EURUSD Daily Outlook

Ichimoku analysis (4-hour chart)

 Tenken-Sen- 1.09267

 Kijun-Sen- 1.08949

EURUSD is trading higher for the third consecutive day and holds above the 1.0900 level. It hit a high of 1.09652 at the time of writing and is currently trading around 1.09470.

Major Economic Data for the week

 Nov 21st, 2023, US Existing home sales (3 pm GMT)

                           FOMC Meeting minutes (7 pm GMT)

According to the CME Fed watch tool, the probability of a no-rate hike increased to 99.9% from 85.50% a week ago.

 The US 10-year yield lost its shine ahead of Fed meeting minutes. The US 10 and 2-year spread widened to  -52% from -16%.

The pair trades above short-term 21 EMA,   55 EMA, and long-term (200-EMA) in the 4-hour chart.  Any break above 1.100 confirms further bullishness. A jump to 1.1070/1.1100 is possible. The near-term support is around 1.09300 and any breach below targets is 1.08900/1.0835. Bullish invalidation only if it breaks below 1.0440.

   Indicator (4-hour chart)

   CCI – bullish

  Directional movement index – bullish

It is good to buy on dip around 1.0800 with SL around 1.0760 for a TP of 1.1000.