EURUSD Daily Outlook
EURUSD pared some of its gains after a minor pullback. Markets eye the US House of Representatives vote on the US debt deal for further direction. It hits an intraday low of 1.06621 and is currently trading around 1.06604.
Major economic data for the day
German CPI
FOMC Member Harker Speech (4:30 pm GMT)
US JOLTS job openings (2:00 pm GMT)
According to the CME Fed watch tool, the probability of a 25 bpbs rate hike in June increased to 63% from 36.40% a week ago.
The US 10-year yield pared some of its gains due to profit booking. The US 10 and 2-year spread narrowed to -78% from -108%.
The pair trades below short-term 21 EMA, 55 EMA, and long-term (200-EMA) in the 4-hour chart. Any indicative break below 1.0660 confirms intraday bearishness; a dip to 1.0600/1.0600 is possible. The near-term resistance is around 1.0760. The breach above targets 1.0800/1.0865/1.0900.
Indicator (4-hour chart)
CCI – Bearish
Directional movement index – Bearish
It is good to sell on rallies around 1.0700 with SL around 1.0750 for a TP of 1.0600.
Major economic data for the day
German CPI
FOMC Member Harker Speech (4:30 pm GMT)
US JOLTS job openings (2:00 pm GMT)
According to the CME Fed watch tool, the probability of a 25 bpbs rate hike in June increased to 63% from 36.40% a week ago.
The US 10-year yield pared some of its gains due to profit booking. The US 10 and 2-year spread narrowed to -78% from -108%.
The pair trades below short-term 21 EMA, 55 EMA, and long-term (200-EMA) in the 4-hour chart. Any indicative break below 1.0660 confirms intraday bearishness; a dip to 1.0600/1.0600 is possible. The near-term resistance is around 1.0760. The breach above targets 1.0800/1.0865/1.0900.
Indicator (4-hour chart)
CCI – Bearish
Directional movement index – Bearish
It is good to sell on rallies around 1.0700 with SL around 1.0750 for a TP of 1.0600.
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