Ichimoku analysis (4-hour chart)
Tenken-Sen- 1.15724
Kijun-Sen- 1.15724
EURUSD continues to trade weak for a second consecutive week and lost more than 150 pips. The policy divergence between the US and Europe is dragging the Euro down. US Fed monetary policy shows that the central bank will taper the $15 billion asset purchase program and no rate hikes in 2022. The US dollar index is holding above 94 levels, any breach above 94.50 confirms further bullishness. It hits an intraday low of 1.15395 and is currently trading around 1.15419. Markets eye US Non-farm payroll data for further direction.
Technical:
On the higher side, near-term resistance is around 1.15650 and any convincing breach above will drag the pair to the next level 1.1600/1.16650/1.17010/1.1760. The pair's immediate support is at 1.1525, breaking below targets of 1.1460/1.1435.
Indicator (4-hour chart)
Directional movement index – Bearish
It is good to sell on rallies around 1.15680-570 with SL around 1.1635 for a TP of 1.11.1460.
