Ichimoku analysis (Hourly chart)
Tenken-Sen- 1.21975
Kijun-Sen- 1.22076
EURUSD is trading flat on mixed US data. The US first-quarter GDP came unchanged at 6.4% slightly less than the forecast of 6.5%. US Durable goods orders declined by 1.3% weaker than the estimated 0.8%. The number of people who have filed for unemployment benefits dropped to 406000 last week. The minor pullback in the US 10- year yield is supporting the US dollar at lower levels. DXY is holding above 90 levels; any breach above 90.30 confirms intraday bullishness. EURUSD hits an intraday high of 1.21800 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 1.2180, 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 sell on rallies around 1.2208-10 with SL around 1.2260 for the TP of 1.2080.
