Ichimoku analysis (4-hour chart)
Tenken-Sen- 1.18532
Kijun-Sen- 1.18532
EURUSD recovered sharply after hitting a low of 1.18005 on upbeat economic data. German IFO business climate came at 90.7 in line with an estimate of 90.30. The GDP Q/Q rose to 8.5% vs forecast of 82.%. Markets eye US CB consumer confidence data for further direction. The number of coronaviruses in the US crossed 12.5 million 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.
