Ichimoku analysis (4-Hour chart)
Tenken-Sen- 1.18235
Kijun-Sen- 1.18266
EURUSD has lost more than 50 pips after US inflation data. The US CPI m/m came at 0.9% and 5.4% in June from a year earlier, the highest level since 2008. Markets eye US Fed chairman Powell for further direction. The recovery in US bond yield is also supporting the US dollar. EURUSD hits an intraday high of 1.17971 and is currently trading around 1.17966.
Technical:
On the higher side, near-term resistance is around 1.1835 and any convincing breach above will take to the next level 1.1865/1.19070/1.19655/1.200. The pair's near-term support is at 1.17800, break below targets 1.17150.
Indicator (4-hour chart)
CAM indicator-bearish
Directional movement index – bearish
It is good to sell on rallies around 1.1838-40 with SL around 1.1870 for the TP of 1.1760/1.1715.
