Ichimoku analysis (1 Hour chart)
Tenken-Sen- 1.16869
Kijun-Sen- 1.16866
EURUSD trading higher as chances of Biden winning elections increased. The Democratic Presidential candidate Joe Biden leads in Michigan, Wisconsin. The number of private jobs added in Oct increased by 365K compared to the forecast of 650k. The rise in the number of cases globally has crossed 48m and the death toll crossed 1.22 m. The overall trend of the pair is bearish as long as resistance 1.1780 holds.
Technical:
In an hourly chart, EURUSD is facing strong resistance at 1.1780. Any break above confirms minor trend reversal, a jump till 1.1825/1.1860. On the flip side, near term intraday support is around 1.1680 and any indicative break below that level will take till 1.1630/1.1600.
It is good to buy on dips around 1.1660 with SL around 1.1625 for the TP of 1.1780.
