Ichimoku analysis (1-Hour chart)
Tenken-Sen- 1.21820
Kijun-Sen- 1.21786
EURUSD is trading in a narrow range between 1.21450 and 1.22018 for the past two days. With no follow-through buying markets eyes US inflation and European Central Bank monetary policy tomorrow for further direction. DXY is hovering near 90 levels for the past two days. The US 10-year yield continues to trade weak after a minor pullback. EURUSD hits an intraday high of 1.219274 and is currently trading around 1.21878.
Technical:
On the higher side, near-term resistance is around 1.2220, and any convincing breach above will take the pair to next level 1.2260/1.2300/1.23485. The pair's near-term support is around 1.2150, violation below that level targets 1.2100/1.20380 (100- day MA)/1.1980.
Indicator (1-hour chart)
RSI- Bullish
Directional movement index –Bullish
It is good to buy on dips around 1.2150 with SL around 1.2100 for the TP of 1.2260.
