Ichimoku analysis (Hourly chart)
Tenken-Sen- 1.18710
Kijun-Sen- 1.18680
EURUSD is trading in a narrow range and struggling to break above the 1.1900 level. The German flash manufacturing and services PMI came better than expected. Eurozone flash manufacturing came at 53.6 vs an estimate of 53.2. The surge in the number of corona viruses in the US is supporting the US dollar index at lower levels. Short term trend of the pair is bullish as long as support 1.1800 holds.
Technical:
EURUSD is facing strong psychological resistance at 1.1900; 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 1.1860 and any indicative break below that level will take till 1.1830/1.1800.
It is good to buy on dips around 1.1850 with SL around 1.1800 for the TP of 1.1965/1.2000.
