FxWirePro- EURUSD –Bullish divergence and Oversold

Bullish divergence- CCI (50)

Intraday trend – Bearish

Major intraday support– 1.080

The pair gained slightly after four weeks of massive sell-off. The escalation of tension between Russia and Ukraine has increased demand for safe-haven assets like the US dollar. The jump in US treasury yield also supports the US dollar. Markets eye peace talks between Russia and Ukraine for further direction. It hits an intraday high of 1.09256 and is currently trading around 1.09257.

EURUSD trades above Tenken-sen (1.09019) and below Kijun-Sen (1.09638).

Technical-

Any breach below 1.1080 confirms intraday bearishness. A dip to 1.0720/1.060 is possible.

The immediate resistance to be watched is 1.09225 (Kumo cloud); any close above will take the pair to 1.09680/1.1150/1.1180.

Indicators 41-hour)

Directional movement index –Bearish

CCI (50) – Bearish

It is good to buy on dips around 1.0900 with SL around 1.0770 for a TP of 1.1150/1.1180.