Ichimoku analysis (Hourly chart)
Tenken-Sen- 1.18594
Kijun-Sen- 1.18449
EURUSD jumped sharply above 1.18500 on upbeat market sentiment. The COVID -19 vaccine optimism by Moderna Inc is putting pressure on safe-haven assets like the dollar. The company has said that early data shows its vaccine nearly 95% effective in preventing COVID-19. Markets eye US retail sales and Fed Chairman speech for further direction. The upside in this pair is to be limited as a rise in the number of coronavirus in the U.S. Short term trend of the pair is bullish as long as support 1.1800 holds.
Technical:
EURUSD breaks psychological level 1.1850 and holding slightly below that level. Any violation above 1.19250 confirms the bullish continuation. A jump till 1.1965/1.200. On the lower side, near term intraday support is around 1.1840 and any indicative break below that level will take till 1.1800/1.1760.
It is good to buy on dips around 1.18650-680 with SL around 1.1820 for the TP of 1.2000.
