FxWirePro: EURUSD upside capped by 200-4H MA, good to buy on dips

Ichimoku Analysis (4-Hour chart)

Tenken-Sen- 1.09435

Kijun-Sen- 1.08790

EURUSD trades slightly weak after hitting a high of 1.09677 at the time of writing. The pair was trading higher for past 1-week from low of and jumped more than 200 pips from low of 1.07683.  But the spread of Coronavirus all over the world, especially in the US and major European economies such as Spain, Italy, Germany, and France, is increasing demand for Safe-haven assets like the US Dollar. The pair hits an intraday low of 1.09033 and is currently trading around 1.09262.

Technically, the pair is facing strong support at 1.08860 (100-4H MA) and any indicative break below targets 1.08398/1.0800. Major trend continuation only if it breaks 1.07680.

On the higher side, near-term resistance is around 1.09700 and any violation above will take the pair to next level till 1.10085 (200-4H MA)/1.10400.

It is good to buy on dips around 1.0900 with SL around 1.0860 for the TP of 1.1000.