Trade Idea EURUSD (Intraday)

Ichimoku analysis (15 min chart)

Tenken-Sen- 1.17436

Kijun-Sen- 1.17396

EURUSD recovered sharply from the weekly low of 1.17204 on minor short covering. The overall trend of the pair is still bearish as long as resistance 1.1830 holds. The downside risk in the global economy due to the coronavirus crisis is supporting the US dollar at lower levels.  The intraday trend is on the higher side, a jump till 1.1800 is possible.

Economic data:

The annual US producer price rose to 1.2% in September compared to a forecast of 0.9%.  

Technical:

In 15 min chart, EURUSD is trading well above the short-term moving average (55 EMA) and Tenken-Sen, Kijun-Sen. Any break above 1.17750 (200- MA) will take the pair till 1.1800/1.18350. On the flip side, near term intraday support is around 1.17430 and any indicative break below that level will take the pair till 1.1720 (intraday low)/1.16900.

It is good to buy on dips around 1.17515 with SL around 1.17200 for the TP of 1.1800/1.1830.