Ichimoku analysis (4-hour chart)
Tenken-Sen- 1.19104
Kijun-Sen- 1.1885
EURUSD is trading extremely bullish and broken major resistance 1.19200 in the European session. The upbeat market sentiment due to COVID-19 vaccine optimism is supporting Euro at lower levels. The Joe Biden transition and the election of the US treasury secretary are putting pressure on the US dollar index. Markets eye US Prelim GDP, US Fed meeting minutes for further direction. The number of coronaviruses in the US nearing 13 million and people died surged past 2.5 million. Short term trend of the pair is bullish as long as support 1.1800 holds.
Technical:
EURUSD is trading slightly above psychological resistance at 1.1900; any convincing break 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 1.1900 with SL around 1.1850 for the TP of 1.2000.
