Ichimoku analysis (Daily chart)
Tenken-Sen- 1.18819
Kijun-Sen- 1.17832
EURUSD is trading extremely bullish and holding well above 1.19500 levels. The broad-based US dollar selling on upbeat market sentiment. Markets eye German inflation data for further up move. The pair is expected to hit a high of 1.20114 levels if CPI beats estimates. DXY is trading below 91.74 levels; A dip till 91 likely. Short term trend of the pair is bullish as long as support 1.1880 holds.
Technical:
EURUSD is trading slightly above significant resistance 1.1950; any convincing break above 1.200 confirms the bullish continuation. A jump till 1.2020/1.2060 possible. On the lower side, near term intraday support is around 1.1950 and any indicative break below that level will take till 1.1920/1.18800.
It is good to buy on dips around 1.1958-60 with SL around 1.1920 for the TP of 1.2060.
