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Ichimoku analysis (4-hour chart)
Tenken-Sen- 1.0555
Kijun-Sen- 1.05622
EURUSD formed a double bottom around 1.0470 and recovered more than 100 pips. The hopes of a rate hike by the ECB in Jul support the Euro at lower levels. She said the Asset purchasing program to get over in the third quarter. The 10-year yield pared most of its gains made the previous week. Markets eye US CPI data for further direction. EURUSD hits an intraday low of 1.05451 and is currently trading around 1.05501.
Technical:
On the higher side, near-term resistance is around 1.0600 and any convincing breach above will drag the pair to the next level of 1.650/1.0700.
The pair's immediate support is at 1.0460, breaking below targets of 1.0400/1.0300.
Indicator (4-hour chart)
Directional movement index – Neutral
It is good to sell on rallies around 1.060 with SL around 1.0650 for a TP of 1.0400.
