Ichimoku Analysis (1-hour chart)
Tenken-Sen- 1.12695
Kijun-Sen- 1.12546
EURUSD continues to trade higher after 1-week of bearishness. The optimism on Coronavirus treatment developed by Gilead Sciences is supporting Euro at lower levels. The Eurozone manufacturing and Services PMI came at 46.9 and 45.8 much better than an estimate of 43.8, 40.5. This has increased the scope of V-shaped economic recovery in major countries such as the U.S. It hits an intraday high of 1.13059 and is currently trading around 1.12860.
On the higher side, immediate resistance is around 1.1320 will take the pair to 1.1360/1.1400. Significant trend continuation only above 1.1500. The near term support stands at 1.1230, violation below targets 1.1150/1.1100.
It is good to buy on dips around 1.1268-70 with SL around 1.1230 for the TP of 1.140.
