Ichimoku Analysis (1-hour chart)
Tenken-Sen- 1.12235
Kijun-Sen- 1.12695
EURUSD continues to trade lower for the past 1- week on the broad-based U.S Dollar buying. The fear of the second wave of Coronavirus has reduced the scope of V-shaped recovery in the U.S. Markets eye EU summit for further direction. Any progress towards the €500 billion EU recovery fund will have a positive effect on the Euro. It hits an intraday low of 1.12246 and is currently trading around 1.12326.
The number of people who have filed for unemployment benefits rose to 1.5 million for the week ended on Saturday exceeded estimate 1.3 million.
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.
