FxWirePro- EURUSD Daily outlook

Ichimoku analysis (Daily chart)

 Tenken-Sen- 1.20463

 Kijun-Sen- 1.19271

EURUSD lost more than 25 pips in the European session after weak German GDP data. It has contracted 1.7% in the first three months due to severe lockdown to control the spread of coronavirus compared to estimates of -1.5%. Markets eye US personal consumption expenditure and Chicago PMI data for further price movement.  DXY recovered more than 40 pips from yesterday's low of 90.42. Any close above 91 confirms bullish trend continuation. EURUSD hits an intraday low of 1.20941 and is currently trading around 1.20946.

 Technical:

On the lower side, near-term support is around 1.2090, and any breach below targets 1.20670 (200- H EMA)/1.2050 (100- day MA)/1.200/1.1900 The pair is struggling to close above trend line resistance. Any daily close above 1.2120 confirms a bullish continuation. A jump till 1.2180/1.22432 is possible.

Indicator (Daily chart)

CAM indicator –Bullish

Directional movement index – Bullish

It is good to buy on dips around 1.2090 with SL around 1.2045 for the TP of 1.2200.