Ichimoku Analysis (4-hour chart)
Tenken-Sen- 1.10614
Kijun-Sen- 1.09659
EURUSD continues to trade lower for 2nd consecutive days and lost more than 200 pips. The decline mainly due to the spread of coronavirus which has increased demand for Safe-haven assets like a dollar. The pair has broken important support 1.09500 low made on Mar 27th, 2020 and this confirms intraday weakness, dip till 1.0880/1.0850.
On the higher side, near term resistance is at 1.1000 and any indicative break beyond targets 1.1045/1.1060/1.1100. Significant trend reversal only above 1.1150.
It is good to sell on rallies around 1.09625-650 with SL around 1.1000 for the TP of 1.0860/1.0800.
