FxWirePro- EURUSD Daily Outlook

Ichimoku analysis (4-hour chart)

 Tenken-Sen- 1.09227

 Kijun-Sen- 1.09087

EURUSD showed a minor pullback ahead of the ECB president's testimony. It hit a high of 1.09590 at the time of writing and is currently trading around 1.09465.

Germany's IFO business climate index rose to 87.30 in Nov, compared to a forecast of 87.50.

Major economic data for the week

Nov 27th, 2023, US New home sales (3:00 pm GMT)

Nov 28th 2023, S&P/CS Composite-20 HPI y/y (2:00pm GMT)

                            CB consumer confidence (3:00 pm GMT)

                            Richmond Manufacturing Index

Nov 29th 2023, US Prelim GDP q/q (1:30 pm GMT)

Nov 30th, 2023, Core PCE index  (1:30 pm GMT)

Dec 1st, 2023,  ISM manufacturing PMI (3:00 pm GMT)

According to the CME Fed watch tool, the probability of a no-rate hike in Dec decreased to 97% from 100% a week ago.

 The US 10-year yield showed a minor pullback after hitting a multi-week low.  The US 10 and 2-year spread widened to  -47% 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 1.0850 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 1.0900 with SL around 1.0845 for a TP of 1.1000.