Ichimoku analysis (Hourly chart)
Tenken-Sen- 1.21785
Kijun-Sen- 1.21669
EURUSD has broken significant resistance 1.21785 and hits new year high at 1.22065 on broad-based US dollar selling. The US congress leaders meet today regarding the stimulus package and the chance of a deal is high. The German flash manufacturing PMI surged to 58.6 in Dec compared to a forecast of 56.40. The pair jumped sharply after positive Eurozone PMI data. 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 1.2130 holds.
Technical:
EURUSD is trading above 1.2200 after a long consolidation. The near term significant resistance is around 1.2220, any indicative break above that level will take till 1.2260/1.2300.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 1.2180 with SL around 1.2130 for the TP of 1.2300.
