Ichimoku analysis (1-Hour chart)
Tenken-Sen- 1.17062
Kijun-Sen- 1.17195
EURUSD declined sharply yesterday after hawkish US Fed monetary policy. Fed has kept its rates unchanged at 0% to 0.25% and maintains its $80 billion treasury buying program as expected. The central bank said bond tapering will start by November 2021 and a rate hike may come in 2022. The pair hits an intraday high of 1.17326 and is currently trading around 1.17287. Markets eye US Initial jobless claims and flash manufacturing index for further direction.
Technical:
On the higher side, near-term resistance is around 1.17650 and any convincing breach above will drag the pair to the next level 1.1800/1.1850/1.18850/1.1920. The pair's immediate support is at 1.1660, break above targets 1.1660/1.1564.
Indicator (Hourly chart)
Directional movement index – Neutral
It is good to sell on rallies around 1.1768-770 with SL around 1.18070 for the TP of 1.1660.
