FxWirePro- EURUSD Daily outlook
Ichimoku analysis (4-hour chart)
EURUSD gained sharply on board-based US dollar selling. The weak US economic data supports Euro at lower levels. US Philly fed manufacturing index slumped to a 2-year low in May at 2.6 compared to a forecast of 14.90. Existing home sales dropped to 5.61M vs. 5.75M the previous month. The number of people who have filed for unemployment benefits rose to 218000 last week. EURUSD hits an intraday high of 1.05932 and is currently trading around 1.05638.
On the higher side, near-term resistance is around 1.0650 and any convincing breach above will drag the pair to the next level of 1.0700/1.0775.
The pair's immediate support is at 1.0550, breaking below targets of 1.0500/1.0460/1.0400.
Indicator (4-hour chart)
Directional movement index – Neutral
It is good to buy on dips around 1.038 with SL around 1.0340 for a TP of 1.0500.