Ichimoku analysis (4-hour chart)
Tenken-Sen- 1.08735
Kijun-Sen- 1.08813
EURUSD snaps the previous week's uptrend and lost more than 100 pips on the US dollar recovery. The market eyes US Fed and ECB policy meeting this week for further direction. The US dollar index formed a double bottom around 101.50 and showed a minor pullback above 102.50 levels. EURUSD hovers near the day's low and is currently trading around 1.08163.
Technical:
The pair is trading below short-term (21EMA), 55 EMA, and above long-term (200-EMA) in the 4-hour chart. Any break below 1.08000 confirms intraday bearishness, a dip to 1.07600/1.0700/1.0660 is possible. The near-term resistance is around 1.08500. The breach above will push the pair to 1.0900/1.0950/1.1000.
Indicator (4-hour chart)
CCI – Bearish
Directional movement index – Bearish
It is good to sell on rallies around 1.0858-60 with SL around 1.0900 for the TP of 1.100/1.1060.
