Ichimoku Analysis (4-HOUR chart)
Tenken-Sen- 1.18387
Kijun-Sen- 1.18024
EURUSD has once again declined sharply after a minor jump above the 1.1900 level. The US and China trade uncertainty and the next round of fiscal stimulus are putting pressure on the USD index at higher levels. The dismal US ADP employment has increased the pessimism of US economic growth post coronavirus pandemic. Markets eye US initial jobless claims and Non-Farm payroll data to be released this week for further direction. It hits an intraday low of 1.18384 and is currently trading around 1.18539.
The 4-hour chart, shows that the pair is trading well above 50,100 and 200- MA. Any daily close above 1.19200 confirms bullish continuation, a jump till 1.2000/1.2135 is possible.
On the lower side, strong support is at 1.1820 (Resistance turned into support), and the break below will drag the pair down till 1.17750/1.17200/1.1675.
It is good to buy above 1.19200 with SL around 1.18600 for the TP of 1.20680.
