Ichimoku analysis (4 Hour chart)
Tenken-Sen- 1.16866
Kijun-Sen- 1.16866
EURUSD continues to trade higher on broad-based US dollar selling. The optimism of Biden to become the next president has increased demand for riskier assets like stocks. DXY lost more than 100 pips from minor top 94.30. Markets eye US Fed monetary policy statement today for further direction. Short term overall trend of the pair is bullish as long as support 1.1720 holds.
Technical:
In a 4-hour chart, EURUSD is trading well above 200- MA, and any violation above 1.1800 confirms bullish continuation. A jump till 1.1825/1.1860. On the flip side, near term intraday support is around 1.1750 and any indicative break below that level will take till 1.1720/1.1680/1.1630.
It is good to buy on dips around 1.1780 with SL around 1.1740 for the TP of 1.1870.
