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Ichimoku analysis (Daily chart)
Tenken-Sen- 1.20719
Kijun-Sen- 1.19271
EURUSD has declined sharply after four weeks of the bullish trend. The pair gained more than 3.5% from a low of 1.17100 on broad-based US dollar selling. The pair hit a high of 1.21500 and lost nearly 150 pips on upbeat US economic data. US personal income jumped to 21.1% compared to a forecast of 20.1%. The personal consumption expenditure rose 0.4% in Mar vs forecast of 0.3%. DXY upside capped by 100-4H MA. Any convincing break above that level confirms intraday bullishness. EURUSD hits an intraday low of 1.20131 and is currently trading around 1.20491.
Technical:
On the lower side, near-term support is around 1.2000, and any breach below targets 1.1950/1.1900. The pair is struggling to close above 100- day MA AT 1.20520. Any daily close above 1.20520 confirms a bullish continuation. A jump till 1.2090/1.2120/1.2150 is possible.
Indicator (Daily chart)
CAM indicator –Neutral
Directional movement index – Bullish
It is good to buy on dips around 1.2040 with SL around 1.2000 for the TP of 1.2200.
