Ichimoku Analysis (Hourly chart)
Tenken-Sen- 1.08838
Kijun-Sen- 1.08954
EURUSD recovers slightly after a German court said that ECB QE2 violates the constitution and illegal. The pair jumped till 1.09258 and started to decline. The Safe-haven demand increased on a surge in several cases in the U.S. According to US Centers for Disease Control, the number of new cases will reach 200000 in the U.S by June. After dismal US ISM manufacturing data, markets eyes US USM services data for further direction.
On the flip side, near term support is at 1.08600 and any violation below will drag the pair down till 1.0800/1.0760.
The immediate resistance is around 1.0950 and any violation above will take the pair till 1.100/1.0350/1.0480. Any bullish continuation only above 1.0500.
It is good to sell on rallies around 1.08825-8850 with SL around 1.09260 for the TP of 1.0760.
