Ichimoku analysis (Hourly chart)
Tenken-Sen- 1.21939
Kijun-Sen- 1.21688
EURUSD recovered from a low of 1.21328 despite strong US data. US core PCE surged to 3.1% y/y vs forecast of 2.9%. The monthly core Personal consumption came at 0.7% slightly above the estimate of 0.6%. The US 10- year yield declined more than 2.5% after hitting a high of 1.323% on Friday. DXY is holding slightly above 90 levels; any breach above 90.50 confirms intraday bullishness. EURUSD hits an intraday low of 1.22029 and is currently trading around 1.21931.
Technical:
On the higher side, near-term resistance is around 1.2260, and any convincing breach above will take the pair to next level 1.2300/1.23485. The pair's near-term support is around 1.2120, violation below that level targets 1.2070/1.2040 (100- day MA)/1.1980.
Indicator (Hourly chart)
CAM indicator –Bullish
Directional movement index –Bearish
It is good to buy on dips an around 1.2145-48 with SL around 1.2100 for the TP of 1.22250.
