FxWirePro- EURUSD Daily outlook

Ichimoku analysis (Daily chart)

Tenken-Sen- 1.18765

Kijun-Sen- 1.2005

EURUSD is trading weak for the past one week on broad-based US dollar buying. The EU vaccine ban concerns and extension of restrictions in Germany and the Netherlands is putting pressure on Euro. The German IFO business climate rose to 96.6 in Mar compared to 93.1. The Suez canal blockage will cost $6 to $10 billion worth of goods every day. US annual core PCE price index came at +1.4% in Mar compared to a forecast of 1.5%.  

DXY is holding above 200-day MA for the past two days. A  jump till 93/93.40. EURUSD hits an intraday low of 1.17622 and is currently trading around 1.17925.

 Technical:

 The pair is facing strong support at 1.1780. Any break below confirms minor bearishness, a dip till 1.174500/1.1700 likely. The near-term resistance is around 1.1860. An indicative breach above will take the pair to next level till 1.1900/1.1950/1.2000/ 1.2020 (200- 4H MA)/1.20653. Short-term trend reversal only above 1.17917.

Indicator (4 Hour chart)

CAM indicator –bearish

Directional movement index – bearish

It is good to sell on rallies around 1.1860 with SL around 1.1925 for the TP of 1.17450.