Ichimoku analysis (4-hour chart)
Tenken-Sen- 1.05622
Kijun-Sen- 1.0747
EURUSD tumbled sharply after a minor pullback. The board-based US dollar buying on hopes of an aggressive rate hike by fed.US CPI cools off to 8.3% from March's 40-year high of 8.5%. The inflation is better than the forecast of 8.1%. The 10-year yield lost more than 10% from a multi-month high. Markets eye US PPI data for further direction. EURUSD hits an intraday low of 1.04429 and is currently trading around 1.04568.
Technical:
On the higher side, near-term resistance is around 1.0500 and any convincing breach above will drag the pair to the next level of 1.0570/1.0600/1.0650.
The pair's immediate support is at 1.0450, breaking below targets of 1.0400/1.0340/1.0300.
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.
