Ichimoku Analysis (Daily chart)
Tenken-Sen- 1.10122
Kijun-Sen- 1.1.09630
EURUSD is trading higher for 6th consecutive days and jumped more than 200 pips till 1.11847 on broad-based US dollar selling. The opening of economies after lockdown and the declining number of cases in Europe is supporting Euro. The protests in the US after the death of George Floyd are also putting pressure on the US dollar. It is currently trading around 1.11753.
US ISM manufacturing index has ticked higher to 43.1 after four months of continuous decline. This shows that it is slightly stabilizing from the 11-year low. The index of new orders jumped to 31.8.
Technically, near term support is at 1.1100, any break below will drag the pair down till 1.1060/1.1000. On the higher side, immediate resistance is around 1.1200 will take the pair to next level 1.1245/1.12900.
It is good to buy on dips around 1.1150 with SL around 1.1100 for the TP of 1.1245/1.1290.
