Ichimoku analysis (Hourly chart)
Tenken-Sen- 1.16018
Kijun-Sen- 1.15943
EURUSD has formed double bottom near 1.1560 and edged higher above 1.1600 level. The pair was one the worst performer previous weak and lost more than 150 pips. China's Evergrande debt crisis and rise in crude oil price might increase inflation was supporting the US dollar. The minor sell-off in US treasury yield after hitting a multi-week high is protecting EURUSD from further fall. It hits an intraday high of 1.16180 and is currently trading around 1.16116.
Technical:
On the higher side, near-term resistance is around 1.1630 and any convincing breach above will drag the pair to the next level 1.1660/1.17010/1.1760. The pair's immediate support is at 1.1560, break below targets 1.1500.
Indicator (Daily chart)
Directional movement index – Bullish
It is good to buy above 1.1630 with SL around 1.1590 for the TP of 1.1755.
