Ichimoku analysis (4-Hour chart)
Tenken-Sen- 1.17345
Kijun-Sen- 1.17353
EURUSD recovered sharply from a 9-month low on risk-on mood. The approval of the Pfizer/BioNTech COVID vaccine and hopes of delay in Fed bond tapering is putting pressure on the US dollar. The US 10-year yield is consolidating after a major sell-off in the past two months. But Afghanistan's geopolitical tension and spread of delta variant coronavirus are preventing EURUSD from further upside. The pair hits an intraday low of 1.17443 and is currently trading around 1.17423.
Technical:
On the higher side, near-term resistance is around 1.1760 and any convincing breach above will take to the next level 1.18020/1.1835. The pair's near-term support is at 1.1700, break below targets 1.1660/1.1600/1.15285.
Indicator (4-hour chart)
CCI (50)-Bullish
Directional movement index – Neutral
It is good to buy on dips around 1.17200 with SL around 1.1680 for the TP of 1.1835.
