Ichimoku analysis (4-hour chart)
Tenken-Sen- 1.13114
Kijun-Sen- 1.13179
The pair continues to trade weak after a minor pullback till 1.13741. The policy divergence between US Fed and ECB is supporting the US dollar at lower levels. The renewed COVID cases in Europe and lockdown restrictions in Austria are putting pressure on Euro. EURUSD hits an intraday high of 1.12905 and is currently trading around 1.12844.
Technical:
On the higher side, near-term resistance is around 1.1320 and any convincing breach above will drag the pair to the next level 1.1380 1.14590/1.14845/1.1530. The pair's immediate support is at 1.1250 breaking below targets of 1.1200/1.1160.
Indicator (4-hour chart)
Directional movement index –Bearish
It is good to sell on rallies around 1.1318-20 with SL around 1.1380 for a TP of 1.1200.
