Ichimoku analysis (4-hour chart)
Tenken-Sen- 1.09438
Kijun-Sen- 1.09075
EURUSD showed a minor sell-off after hitting a month high. It hit a high of 1.09618 at the time of writing and is currently trading around 1.09
US new home sales in Oct 2023 came at 679000 compared to a forecast of 725000.Markets eye ECB president Lagarde and FOMC member Waller's speech for further direction.
Major economic data for the day
Nov 28th 2023, S&P/CS Composite-20 HPI y/y (2:00pm GMT)
CB consumer confidence (3:00 pm GMT)
Richmond Manufacturing Index
According to the CME Fed watch tool, the probability of a no-rate hike in Dec decreased to 96.80% from 99.80% a week ago.
The US 10-year yield lost more than 2.5% from a minor top of 4.50%. The US 10 and 2-year spread widened to -46.7% 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 1.0850 for a TP of 1.1000.
