Ichimoku analysis (4-Hour chart)
Tenken-Sen- 0.92164
Kijun-Sen- 0.92375
Previous week High– 0.92748
Today's Low- 0.9190
The pair is trading weak after forming a temporary top around 0.92715. The minor weakness in the US dollar is putting pressure on this pair at higher levels. DXY continues to trade weak after forming a top around 92.74. Any breach below 92 confirms further bearishness. Markets eye US ISM services PMI for further direction.
Trend- Bearish
The near-term support is around 0.9190, breach below will take the pair to 0.9125/0.9090. On the higher side, immediate resistance is around 0.92750. Any convincing breach above targets 0.9300/0.9365.
Indicator (4 Hour chart)
CAM indicator –Neutral
Directional movement index –Bearish
It is good to buy on dips around 0.9208-10 with SL around 0.91800 for a TP of 0.9300.
