Ichimoku analysis (Hourly chart)
Tenken-Sen- 1.22477
Kijun-Sen- 1.22465
EURUSD is consolidating after hitting a 12-week high. The upbeat market sentiment and dovish comments by Fed members are putting pressure on the US dollar. The US 10- year yield declined more than 8% from minor top 1.692%. The conference board consumer confidence eased to 117.2 in May compared to a forecast of 118.80. DXY is still holding below 90 levels; any breach below 89.20 confirms major trend continuation. EURUSD hits an intraday high of 1.22629 and is currently trading around 1.22576.
Technical:
On the higher side, near-term resistance is around 1.2260, and any convincing breach above will take the pair to next level 1.2300/1.2400. The pair's near-term support is around 1.2190, violation below that level targets 1.2150/1.2040 (100- day MA)/1.1980.
Indicator (Hourly chart)
CAM indicator –Neutral
Directional movement index –Neutral
It is good to buy on dips around 1.2230-325 with SL around 1.2180 for the TP of 1.2340.
