Ichimoku analysis (1-hour chart)
Tenken-Sen- 1.15821
Kijun-Sen- 1.16137
EURUSD hovering below 1.1600 level with no proper direction. Markets eye US Fed monetary policy and ECB president Lagarde's speech for further direction.US Fed is expected to announce the start of tapering of its massive asset purchases. The US dollar index is holding above 94 levels, any breach above 94.50 confirms further bullishness. It hits an intraday high of 1.15944 and is currently trading around 1.15942.
Technical:
On the higher side, near-term resistance is around 1.1630 and any convincing breach above will drag the pair to the next level 1.16650/1.17010/1.1760. The pair's immediate support is at 1.1580, breaking below targets of 1.1525.
Indicator (1-hour chart)
Directional movement index – Neutral
It is good to sell on rallies around 1.1660-625 with SL around 1.17010 for a TP of 1.1525.
