Ichimoku analysis (4-hour chart)
Tenken-Sen- 1.16389
Kijun-Sen- 1.16206
EURUSD is under bearish pressure after Eurozone inflation data. The final yearly CPI came at 3.4% in line with an estimate of 3.4%. The pair declined till 1.16170 and is currently trading around 1.16227.US housing starts fell last month to 1.56 M compared to a forecast of.1.62 million: Building permits declined sharply by 7.7%.
Technical:
On the higher side, near-term resistance is around 1.1670 and any convincing breach above will drag the pair to the next level 1.17010/1.1760. The pair's immediate support is at 1.1600, breaking below targets 1.1570/1.1525.
Indicator (4-hour chart)
Directional movement index – Neutral
It is good to sell on rallies around 1.1660-625 with SL around 1.17010 for a TP of 1.1525.
