Ichimoku analysis (4-Hour chart)
Tenken-Sen- 1.23980
Kijun-Sen- 1.23980
This week high – 1.24946
Previous week low- 1.23090
The pair surged more than 200 pips this week on declining Crude oil prices. Markets eye US FOMC meeting minutes today for further direction. The Bank of Canada economic outlook survey shows that hiring intention among various sectors hits an all-time high. WTI crude oil price declined after hitting a 6-year high on surging demand. Short term trend is bearish as long as resistance $77 holds.
Trend –Bullish
The near-term resistance is around 1.2500, a breach above targets 1.2548/1.2600/1.2630. On the lower side, immediate support stands around 1.2430; violation below will take the pair down to the next level 1.2400/1.2360.
It is good to buy on dip around 1.2478-80 with SL around 1.2435 for TP of 1.2600.
