FxWirePro- EURUSD Daily Outlook

Ichimoku analysis (4-hour chart)

 Tenken-Sen- 1.08875

 Kijun-Sen- 1.08949

EURUSD showed a minor pullback after the German PMI. It hit a high of 1.09300 at the time of writing and is currently trading around 1.09150.

German flash manufacturing surged to 42.3 in November, compared to a forecast of 41.2. The services PMI rose to 48.70 slightly above the estimate of 48.50.

According to the CME Fed watch tool, the probability of a no-rate hike in Dec decreased to 95.2% from 100% a week ago.

 The US 10-year yield showed a minor sell-off due to weak US economic data. The US 10 and 2-year spread widened to  -48.9% from -16%.

The pair trades above short-term 21 EMA, above  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 1.0860 and any breach below targets is 1.0835/1.0800/1.0760. Bullish invalidation only if it breaks below 1.0440.

   Indicator (4-hour chart)

   CCI – bullish

  Directional movement index – Neutral

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