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Ichimoku analysis (4-hour chart)
Tenken-Sen- 1.09370
Kijun-Sen- 1.09482
EURUSD lost its shine after weak Eurozone CPI. It hit a low of 1.08792 yesterday and is currently trading around 1.09018.
The weak Eurozone CPI and subdued Eurozone economic data puts pressure on Euro at higher levels. The annual core PCE index rose 3.5%, in line with the estimate. On a monthly basis, the core PCE index came at 0.20%, slightly below the previous month's 0.30%. The number of people who have filed for unemployment benefits rose by 7000 to 218000 last week below the forecast of 219000.
Markets eye ECB President and Fed Chairman speech for further direction.
Major economic data for the day
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 increased to 99.50% from 95.2% a week ago.
The US 10-year yield trades flat ahead of the US ISM manufacturing PMI. The US 10 and 2-year spread narrowed to -34% from -52%.
The pair trades below short-term 21 EMA, above 55 EMA, and long-term (200-EMA) in the 4-hour chart. Any break above 1.09500 confirms further bullishness. A jump to 1.1020/1.1070/1.1100 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 – bearish
Directional movement index – Bearish
It is good to sell on rallies around 1.0948-50 with SL around 1.100 for a TP of 1.0765.
