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Ichimoku analysis (1-Hour chart)
Tenken-Sen- 1.21689
Kijun-Sen- 1.21806
EURUSD has declined on upbeat US CPI data. The US Headline inflation surged to 5.0% in May compared to a forecast of 4.7%. The core CPI came at 3.8% highest since 1992. The ECB has kept its rates and PEPP purchase program unchanged. The US-10 year bond yield has pared its gains after a 2.5% jump to 1.53%. DXY is facing psychological support at 90. Any breach below 90 confirms further bearishness. EURUSD hits an intraday low of 1.21432 and is currently trading around 1.21480.
Technical:
On the higher side, near-term resistance is around 1.2220, and any convincing breach above will take the pair to next level 1.2260/1.2300/1.23485. The pair's near-term support is around 1.2150, any convincing break below that level targets 1.2100/1.20380 (100- day MA)/1.1980.
Indicator (1-hour chart)
RSI- Bearish
Directional movement index –Bearish
It is good to buy on dips around 1.2150 with SL around 1.2100 for the TP of 1.2280.
