Ichimoku analysis (4-hour chart)
Tenken-Sen- 1.14484
Kijun-Sen- 1.15208
EURUSD recovered slightly from yearly lows on soft US dollar. The upbeat market sentiment and a virtual meeting between US Biden and Chinese Xi are supporting Euro. But Fed rate hike speculation is pushing US Treasury yields higher. Markets eye US empire state manufacturing index for further direction. EURUSD hits an intraday low of 1.14382 and is currently trading around 1.14387.
Technical:
On the higher side, near-term resistance is around 1.1500 and any convincing breach above will drag the pair to the next level 1.1525/1.15500/1.16000. The pair's immediate support is at 1.1430 breaking below targets of 1.13800/1.1350.
Indicator (4-hour chart)
Directional movement index – Bearish
It is good to sell on rallies around 1.1478-80 with SL around 1.1525 for a TP of 1.1360.
