Ichimoku Analysis (1-hour chart)
Tenken-Sen- 1.12930
Kijun-Sen- 1.13068
EURUSD is trading weak from the previous Friday and continues to decline from a temporary top of 1.13838. The slight improvement in U.S jobs data and dismal German industrial output is putting pressure on the Euro. The German Industrial output came at -17.9% in Apr after a fall of 8.9% in Mar, slightly less than forecast -16%. It hits a low of 1.12688 and is currently trading around 1.12737.
On the higher side, immediate resistance is around 1.1320 will take the pair to next level 1.1385/1.1400/1.1435. Significant trend continuation only above 1.1500. The near term support stands at 1.1255 (100-H MA), violation below targets 1.1900/1.1150.
It is good to sell on rallies around 1.1318-20 with SL around 1.1380 for the TP of 1.1200.
