Ichimoku analysis (4 Hour chart)
Tenken-Sen- 1.18116
Kijun-Sen- 1.18105
EURUSD is trading in a narrow range after a major jump till 1.19200 on US election results and COVID vaccine optimism. The rise in the number of COVID cases in US and European countries is putting pressure on Euro at higher levels. Short term overall trend of the pair is bearish as long as resistance 1.1900 holds.
Technical:
EURUSD breaks psychological level 1.1800 and holding slightly below that level. Any violation below 1.1780 confirms the bearish continuation. A dip till 1.1750/1.1700. On the higher side, near term intraday support is around 1.1845 and any indicative break beyond that level will take till 1.1900/1.19250.
It is good to sell on rallies around 1.1805-08 with SL around 1.1845 for the TP of 1.1700.
