Ichimoku analysis (Daily chart)
Tenken-Sen- 1.19016
Kijun-Sen- 1.18029
EURUSD recovered sharply from a low of 1.19227 on broad-based US dollar selling. The COVID-19 vaccine optimism and stimulus hopes by Powell are putting pressure on the US dollar. US ISM manufacturing index came at 57.5 in November slightly less than the estimate of 58.DXY is facing strong support at 91.50; A dip till 91 likely. Short term trend of the pair is bullish as long as support 1.1920 holds.
Technical:
EURUSD is trading slightly above significant resistance 1.2000; any convincing break above 1.2030 confirms the bullish continuation. A jump till 1.2060/1.2100 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 1.2000 with SL around 1.1958 for the TP of 1.21000.
