Ichimoku Analysis (4- Hour chart)
Tenken-Sen- 1.13849
Kijun-Sen- 1.13498
EURUSD is trading higher for 4th consecutive days and jumped more than 150 pips. It hits the highest level since Jun on COVID-19 vaccine optimism. The Moderna Phase 1 trial results showed that the vaccine is safe and expected to start the Phase 3 trial on Jul 27th. But the rise in the number of new coronavirus cases and uncertainty about the EU fund might cap huge gains. It is currently trading around 1.14270.
The pair is facing significant resistance in the range 1.1450, any violation above targets 1.14990. Overall trend reversal only above 1.1500. The near term support is around 1.1401 (23.6% fib), the violation below will take the EURUSD till 1.13498/1.1300.
It is good to buy on dips around 1.14000 with SL around 1.1350 for the TP of 1.14990.
