Intraday trend – Bearish
Major intraday support– 1.0870
The pair trades weak after the Fed meeting minutes. It planned to shrink its balance sheet by $95 billion per month. Many Fed members prefer 50 basis point rate hikes in the next Fed monetary policy. US 10-year yield spiked after Fed meeting minutes and hits the highest level since Apr 2019. The pair made a low of 1.08741 yesterday and is currently trading around 1.08977.
Markets eye US jobless claims data for further direction.
Technical-
Any breach below 1.08700 confirms a bearish continuation; a dip to 1.0770/1.0300 is possible.
The immediate resistance to be watched is 1.0950, any violation above will take the pair to 1.1000/1.1050/1.1100/1.1150.
Indicators ( 4-hour)
Directional movement index –Bearish
CCI (50) – Bearish
It is good to sell on rallies around 1.0948-50 with SL around 1.1000 for a TP of 1.0300.
