FxWirePro- EURUSD Daily Outlook

Ichimoku analysis (4-hour chart)

 Tenken-Sen- 1.09885

 Kijun-Sen- 1.09561

EURUSD pared some of its gains on weak EU inflation data. It hit a low of 1.09404 at the time of writing and is currently trading around 1.09451.

US GDP grew at an annualized rate of 5.2% in Q3, compared to a forecast of 5%. German CPI dropped to 3.2% in Nov compared to a forecast of 3.5%.

Major economic data for the day

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

  According to the CME Fed watch tool, the probability of a no-rate hike in Dec decreased to 97.10% from 99.70% a day ago.

 The US 10-year yield trades flat ahead of US PCE data. The US 10 and 2-year spread narrowed to  -38% from -52%.

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 1.0940 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 1.0850 with SL around 1.0800 for a TP of 1.1000.