Ichimoku analysis (1-hour chart)
Tenken-Sen- 1.16004
Kijun-Sen- 1.16045
EURUSD pares most of its gains made yesterday and lost more than 100 pips on board-based US dollar buying. Markets are eagerly awaiting US Fed monetary policy for further direction. . The October US ISM manufacturing index came at 60.8% higher than the forecast of 60.4%, a decrease of 0.3% from September. It hits an intraday low of 1.15874 and is currently trading around 1.15968.
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 1.16650/1.17010/1.1760. The pair's immediate support is at 1.1580, breaking below targets of 1.1525.
Indicator (1-hour chart)
Directional movement index – Neutral
It is good to sell on rallies around 1.1660-625 with SL around 1.17010 for a TP of 1.1525.
