Ichimoku Analysis (4 Hours chart)
Tenken-Sen- 1.08198
Kijun-Sen- 1.08357
EURUSD trades higher and jumped more than 50 pips after the German ZEW sentiment index. The German ZEW sentiment rose to 51 May compared to forecast of 32 and Eurozone ZEW rose to 46 vs -12.1 expected. The pair hits a high of 1.09563 and Is currently trading around 1.09533.
On the flip side, near-term support is around 1.0870 (200-4H MA) and any violation below will drag the pair down till 1.08300/1.07900. Major trend continuation only below 1.07600.
The near term resistance is around 1.0960 (61.8% fib), an indicative break above targets 1.1000/1.0200/1.0400.
It is good to buy on dips around 1.09250 with SL around 1.08700 for the TP of 1.10380.
