Ichimoku analysis (Hourly chart)
Tenken-Sen- 1.2395
Kijun-Sen- 1.21329
EURUSD continues to trade higher after a minor decline till 1.21387. The pair was one of the best performers in the past 1-1/2 months and gained more than 5% on stimulus hopes and COVID-19 optimism. US FDA has cleared Pfizer and BioNtech COVID-19 vaccine on Friday. The up move is capped after Merkel announced tight measures to curb Coronavirus spread. She has asked stores, schools, and daycare centers to be closed until Christmas.DXY is trading below the 91 levels; Any minor bullishness only above 91.50. Short term trend of EURUSD is bullish as long as support 1.2135 holds.
Technical:
EURUSD is trading in a narrow range between 1.21776 and 1.21387 for the past one week. The near term significant resistance is around 1.21780 and any indicative break above that level will take till 1.2200/1.2250.On the lower side; any convincing break below 1.21350 confirms the minor weakness. A dip till 1.20940/1.20580 is possible.
It is good to buy on dips around 1.2148-50 with SL around 1.21280 for the TP of 1.2200.
