Ichimoku Analysis (1-hour chart)
Tenken-Sen- 1.12725
Kijun-Sen- 1.12907
EURUSD continues to trade lower after a minor recovery till 1.12939. The outbreak of the second wave of coronavirus in the U.S and China and border tension between India and China has increased demand for Safe-haven like the US dollar. US Fed Chairman testified yesterday that the economy will take its own time for recovery. It hits an intraday low of 1.12246 and is currently trading around 1.12326.
On the higher side, immediate resistance is around 1.130 will take the pair to 1.1325/1.1360/1.1400. Significant trend continuation only above 1.1500. The near term support stands at 1.1200, violation below targets 1.1150/1.1100.
It is good to sell on rallies around 1.1258-60 with SL around 1.1320 for the TP of 1.1150.
