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Ichimoku analysis (4-hour chart)
Tenken-Sen- 1.09747
Kijun-Sen- 1.09496
EURUSD jumped more than 60 pips yesterday on board-based US dollar selling. It hits a high of 1.10171 at the time of writing and is currently trading around 1.09929.
Federal Reserve Governor Waller said that inflation expected to fall in Q4 and it has increased the chance of a rate cut by the Fed.
US CB consumer confidence rose to 102 in Nov, compared to a forecast of 101. Richmond manufacturing activity slowed in Nov to -5 vs. Estimate 1.
Major economic data for the day
Nov 29th 2023, US prelim GDP q/q (1:30 pm GMT)
US dollar index- Bearish. Minor support around 102/100. The near-term resistance is 103/104.50.
According to the CME Fed watch tool, the probability of a no-rate hike in Dec increased to 98.10% from 95.4% a day ago.
The US 10-year yield lost more than 2.5% after dovish Fed member comments. The US 10 and 2-year spread widened to -40.50% 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 1.1020 confirms further bullishness. A jump to 1.1070/1.1100 is possible. The near-term support is around 1.0950 and any breach below targets is 1.0900/1.0835/1.0800/1.0760. 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 1.0950 with SL around 1.0895 for a TP of 1.1070.
