Ichimoku analysis (4 Hour chart)
Tenken-Sen- 1.18005
Kijun-Sen- 1.17463
EURUSD continues to trade higher as demand for riskier assets increased. US Democratic candidate Joe Biden is leading in all swing states such as Pennsylvania, Nevada, etc. The Non-farm payroll came at 638K in Oct compared to the forecast of 595K and the unemployment rate declined to 6.9% vs an estimate 7.7%. Short term overall trend of the pair is bullish as long as support 1.17800 holds.
Technical:
EURUSD hits two weeks high and holding well above 1.18500. Any violation above 1.1900 confirms bullish continuation. A jump till 1.1960/1.2000. On the flip side, near term intraday support is around 1.1820 and any indicative break below that level will take till 1.1780/1.1720/1.1660.
It is good to buy on dips around 1.1850 with SL around 1.1800 for the TP of 1.1960.
