Ichimoku analysis (1 Hour chart)
Tenken-Sen- 1.17279
Kijun-Sen- 1.17323
EURUSD recovered slightly after hitting an intraday low of 1.17144. The pair is struggling to break above 1.17600 due to weakness in Euro. The new lockdown in France is dragging the pair further down. The France President Macron has announced four weeks nationwide lockdown starting from Saturday. The slight retreat in US bond yields after hitting a high of 1.77% is preventing the pair to decline below 1.1700. Markets eye US ISM manufacturing index for further direction.
DXY has halted its ten days of the bullish trend and shown a minor profit booking. Any intraday weakness only if it breaks below 92.90. EURUSD hits an intraday low of 1.17136 and is currently trading around 1.17393.
Technical:
The pair is facing strong support at 1.1700. Any break below confirms minor bearishness, a dip till 1.16600/1.1600 likely. The near-term resistance is around 1.1760. An indicative breach above will take the pair to next level till 1.18025/1.18451. Short-term trend reversal only above 1.2000.
Indicator (4 Hour chart)
CAM indicator –Neutral
Directional movement index – Neutral
It is good to buy above 1.17600 with SL around 1.1700 for the TP of 1.1835.
