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Ichimoku analysis (4-hour chart)
Tenken-Sen- 1.08707
Kijun-Sen- 1.09229
EURUSD declined more than 100 pips from a minor top It hit a low of 1.0828 yesterday and is currently trading around 1.08564.
Major economic data for the day
Dec 5th, 2023, ISM services manufacturing PMI (3:00 pm GMT)
According to the CME Fed watch tool, the probability of a no-rate hike in Dec decreased to 97.50% from 99.70% a week ago.
The US 10-year yield trades weak in rate cut hopes.The US 10 and 2-year spread narrowed to -38% 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 below 1.0800 confirms further bearishness.A decline to 1.0760/1.0700 is possible. The near-term resistance is around 1.0 and any breach below targets is 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 1.0900-050 with SL around 1.0965 for a TP of 1.0765.
