Ichimoku analysis (4 Hour chart)
Tenken-Sen- 1.1862
Kijun-Sen- 1.18470
EURUSD continues to trade higher for the past two weeks and surged more than 250 pips. The pair is trading below 1.2000 psychological levels. US Fed Chairman said that the central bank would taper the bond-buying program before raising interest rates. He also stated that the US economy is at an inflection point. The German final CPI came at 0.5% for Mar in line with an estimation of 0.5%. Markets eye US retail sales, Jobless Claims, and Philly Fed manufacturing index. US 10- year yield hit three weeks low and is hovering near 1.63%
DXY is trading below 92 levels, markets eye 91.50 for further bearishness. EURUSD hits an intraday high of 1.19903 and is currently trading around 1.19740.
Technical:
The pair is facing strong support at 1.19400. Any break below confirms minor bearishness, a dip till 1.1900/1.11860 likely. The near-term resistance is around 1.2000. An indicative breach above will take the pair to next level till 1.20289/1.2048/1.2100. Short-term trend reversal only above 1.2000.
Indicator (4 Hour chart)
CAM indicator –Slightly bullish
Directional movement index – Bullish
It is good to buy on dips around 1.1950 with SL around 1.1900 for the TP of 1.2100.
