Ichimoku analysis (1-Hour chart)
Tenken-Sen- 1.21462
Kijun-Sen- 1.21507
EURUSD is consolidating in a narrow range between 1.21782 and 1.21275 for the past two days. The pair recovered in the European session after upbeat German data. The German ZEW economic sentiment jumped to 84.4 in May compared to a forecast of 72. The surge in German bund yield also supporting Euro at lower levels. DXY is facing strong support at 90. Any breach below 90 confirms further weakness.
Technical:
On the higher side, near-term resistance is around 1.2180, and any breach below targets 1.2260/1.2300/1.2325. The pair's near-term support is around 1.2150. Any surge above 1.2150 confirms a bullish continuation. A jump till 1.22000/1.2260 is possible.
Indicator (Hourly chart)
CAM indicator –Slightly bullish
Directional movement index –Neutral
It is good to buy on dips around 1.2125-60 with SL around 1.2080 for the TP of 1.2260.
