Ichimoku analysis (4-hour chart)
Tenken-Sen- 1.15774
Kijun-Sen- 1.15649
EURUSD surged more than 95 pips from a low of 1.15135 level. The upbeat market sentiment and declining US treasury yields are putting pressure on the US dollar. The US 10-year yield lost more than 15% from a minor top 1.70%. The German economic sentiment came at 31.7 compared to a forecast of 20.3. Markets eye US PPI and Fed Chair Powell speech data for further direction. The US dollar index is holding below 94 levels after a minor pullback to 94.05. Any breach below 93.80 confirms intraday bearishness. It hits an intraday low of 1.15802 and is currently trading around 1.15935.
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 1.1525, breaking below targets of 1.1460/1.1435.
Indicator (4-hour chart)
Directional movement index – Bearish
It is good to sell on rallies around 1.1628-30 with SL around 1.1670 for a TP of 1.1460.
