Ichimoku analysis (1 Hour chart)
Tenken-Sen- 1.17490
Kijun-Sen- 1.17484
EURUSD recovered sharply on hopes of fresh US stimulus before elections. The rise in the number of cases globally has crossed 40m and slight pessimism about the European economy by ECB president Lagarde. The overall trend of the pair is still bearish as long as resistance 1.1830 holds.
Technical:
In an hourly chart, EURUSD is trading well above the long-term moving average (200 MA) and Tenken-Sen, Kijun-Sen. Any break above 1.18300 will take the pair till 1.1870/1.19250. On the flip side, near term intraday support is around 1.1720 and any indicative break below that level will take the pair till 1.1660/1.1630.
It is good to buy on dips around 1.1770 with SL around 1.1720 for the TP of 1.1900.
