Ichimoku Analysis (4-hour chart)
Tenken-Sen- 1.17684
Kijun-Sen- 1.17638
EURUSD recovered sharply after hitting a low of 1.17329 on broad-based US dollar selling. The hopes of fresh stimulus as White House agreed for further negotiations with democrats on fiscal stimulus. DXY continues to trade lower and holding below 93.50 levels. Any violation below 93.30 confirms the bearish continuation. The number of people who filed for unemployment benefits drifted slightly lower to 840000 for the week ended Oct 3 compared to an upwardly revised 849000 previous week. The pair surged till 1.18038 and is currently trading around 1.17962.
The 4-hour chart shows that the pair has crossed over (50 MA above 100 MA), this confirms a minor bullish trend. A jump till 1.1870/1.19250 is possible. On the lower side, strong support is at 1.17570, and violation past this level will drag the pair down till 1.16900/1.1660.
It is good to buy on dips around 1.1790 with SL around 1.1750 for the TP of 1.1870.
