Ichimoku analysis (Hourly chart)
Tenken-Sen- 1.21474
Kijun-Sen- 1.21500
EURUSD is holding above the 1.2150 level in hopes of the COVID-19 stimulus package. The US lawmakers have formulated a new Coronavirus stimulus package of $908 billion on Monday. The pair hits fresh year high at 1.2178776 on Dec 4th and struggling to break above that level. Markets eye Brexit talks on Brussels for further direction.ID-19 optimism. The surge in the number of coronavirus cases and lockdown in Germany is putting pressure on this pair at higher levels.DXY is trading below the 91 levels; Any bearish continuation only below 90.50. 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 1.21300 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.
