Ichimoku analysis (4-hour chart)
Tenken-Sen- 1.08213
Kijun-Sen- 1.08269
EURUSD breaks significant resistance at 1.08870 after a long consolidation.ECB governing council member Klaas Knot said on Sunday that the Central bank expected to raise rates by 50 bpbs in both Feb and March. Markets eye ECB President Lagarde's speech for further direction. It hits an intraday high of 1.09270 and is currently trading around 1.09166.
Technical:
The pair is trading above short-term (21 and 55 EMA) and long-term (200-EMA) in the 4-hour chart. Any break above 1.0950 confirms bullishness, a jump till 1.100/1.0650 likely. The near-term support is around 1.07600. The breach below will drag the pair down to 1.0700/1.0660/1.0600.
Indicator (4-hour chart)
CCI – Bullish
Directional movement index – Bullish
It is good to buy on dips around 1.0880 with SL around 1.08250 for the TP of 1.100/1.1060.
