FxWirePro- EURUSD Daily outlook

Ichimoku analysis (4-hour chart)

 Tenken-Sen- 1.15447

 Kijun-Sen- 1.15649

EURUSD recovered sharply after US Non-farm payroll data. The US economy has added 531000 jobs in Sep compared to a forecast of 455000. While the unemployment rate dropped to 4.6% vs 4.7% last. The lower US labor participation is putting pressure on the US dollar. The US dollar index declined a hitting a high of  94.62 level. Any close reach above 94.50 confirms further bullishness. It hits an intraday low of 1.15395 and is currently trading around 1.15419. Markets eye Powell speech for further direction.

Technical:

On the higher side, near-term resistance is around 1.1630 and any convincing breach above will drag the pair to the next level 1.16650/1.17010/1.1760. The pair's immediate support is at 1.1525, breaking below targets of 1.1460/1.1435.

Indicator (4-hour chart)

Directional movement index – Bearish

It is good to sell on rallies around 1.15680-570 with SL around 1.1635 for a TP of 1.1460.