Ichimoku analysis (4 Hour chart)
Tenken-Sen- 1.18937
Kijun-Sen- 1.18612
EURUSD has shown a minor recovery in the European session and is trading slightly above the 1.1900 level. . In the U.S around 35% population got the first dose of corona vaccine and in Europe is lagging at 20%.
US Fed Chairman Powell said in an interview that the economy is at an "inflection point". But the rise in coronavirus cases is a cause of concern. The US 10-year yield is consolidating after hitting a low of 1.614%.
DXY is trading slightly weak, markets eye 91.80 for further bearishness. EURUSD hits an intraday high of 1.19074 and is currently trading around 1.19071.
Technical:
The pair is facing strong support at 1.18600. Any break below confirms minor bearishness, a dip till 1.1800/1.1770 likely. The near-term resistance is around 1.19280 (127.2% fib). An indicative breach above will take the pair to next level till 1.1945/ 1.2000/1.2048. Short-term trend reversal only above 1.2000.
Indicator (4 Hour chart)
CAM indicator –Slightly bullish
Directional movement index – Bearish
It is good to buy on dips around 1.1880 with SL around 1.18300 for the TP of 1.2000.
