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FxWirePro- EURUSD holds above 1.18000 on board-based US dollar weakness, good to buy on dips

Ichimoku analysis (4-Hour chart)

               

 Tenken-Sen- 1.180374

 

 Kijun-Sen- 1.17754

 

EURUSD hits a multi-week high and holding above 1.1800.  The declining US treasury yields after dovish Fed Powell comments are putting pressure on the US dollar. The US dollar index trades below 200-4H MA, a dip till 92 is possible.

 

Economic data:

 The US pending home sales declined slightly by 1.8% in July, the second month in a row compared to an estimated 0.5% rise. Markets eye Eurozone CPI, US CB Consumer Confidence, and Chicago PMI for further direction.

 

Technical:

On the higher side, near-term resistance is around 1.18350 and any convincing breach above will take to the next level 1.18850/1.1920. The pair's near-term support is at 1.1780, break below targets 1.1750/1.1700/1.1660.

 

Indicator (4-hour chart)

 

CAM indicator-Bullish

 

Directional movement index – Bullish

 

It is good to buy on dips around 1.1820 with SL around 1.1780 for the TP of 1.1900.

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