Ichimoku analysis (Weekly chart)
Tenken-Sen- 1.19377
Kijun-Sen- 1.17290
EURUSD is trading higher for the past 10 weeks and jumped more than 5% on broad based US dollar selling. The upbeat market sentiment on hopes of economic recovery in 2021 and approval of AstraZeneca is supporting Euro. US Fed to keep rates lower for the year 2021 and the likelihood of more stimulus also dragging US dollar down. Short term trend of EURUSD is bullish as long as support 1.200 holds.
Technical:
On the higher side, near-term resistance at 1.23200. Any indicative violation above targets 1.2400/1.2500/1.2557 likely. The near term support is around 1.2220. Any break below will drag the pair down till 1.2130/1.2000/1.1870. Significant trend reversal only below 1.1600.
It is good to buy on dips around 1.2000 with SL around 1.18700 for the TP of 1.2550.
