Ichimoku analysis (4-hour chart)
Tenken-Sen- 1.19300
Kijun-Sen- 1.19196
EURUSD is trading extremely bullish on broad-based dollar weakness. The COVID-19 optimism and US transition are putting pressure on the US dollar index. DXY is trading below 92 levels; any violation below 91.74 confirms further weakness. The number of coronaviruses in the US nearing 13.25 million and people died surged past 2.65 million. Short term trend of the pair is bullish as long as support 1.1880 holds.
Technical:
EURUSD is trading slightly above significant resistance 1.1920; any convincing break above 1.19500 confirms the bullish continuation. A jump till 1.200/1.2020. On the lower side, near term intraday support is around 1.18800 and any indicative break below that level will take till 1.1830/1.1800.
It is good to buy on dips around 1.1925 with SL around 1.1880 for the TP of 1.2000.
