Ichimoku Analysis (Daily chart)
Tenken-Sen- 1.08870
Kijun-Sen- 1.08732
EURUSD was trading higher in European session after a better than expected Eurozone PMI data. It came at 39 in May, jumped from an all-time low of 33.4 in Apr. The pair hit a high of 1.0147 at the time of writing and declined after US initial jobless data. The number of people filed for unemployment benefits totaled to 2.4 million last week and slightly declined compared to the previous week.
The pair is struggling to trade above 200 MA, any violation above will take the pair to the next level till 1.10380/1.10600/1.1100.
On the flip side, near term support is around 1.09200 (38.2% fib) will drag the pair down to 1.0890/1.08600/1.0800. Bearish continuation only underneath 1.0760.
It is good to sell on rallies around 1.0995-98 with SL around 1.10380 for the TP of 1.0900.
