Ichimoku analysis (4-Hour chart)
Tenken-Sen- 1.17504
Kijun-Sen- 1.17195
EURUSD is consolidating after a pullback of more than 50 pips from yesterday's low 1.17260. The US dollar recovered slightly ahead of the Jackson Hole symposium. The Fed Chairman is expected not to give any clue about fed tapering as several coronavirus cases surged in the U.S.
The orders for durable goods slipped 0.1% last month compared to a forecast of 0.5% decline. The US 10-year yield surged sharply and holding above 200-day MA. The pair hits an intraday high of 1.17747 and is currently trading around 1.17595. Markets US GDP and ECB policy meeting minutes.
Technical:
On the higher side, near-term resistance is around 1.1800 and any convincing breach above will take to the next level 1.18425/1.1900. The pair's near-term support is at 1.17385, break below targets 1.1700/1.1660/1.1600/1.15285.
Indicator (4-hour chart)
CCI (50)-Bullish
Directional movement index – Bullish
It is good to buy on dips around 1.17425-50 with SL around 1.17000 for the TP of 1.1850.
