Ichimoku analysis (Hourly chart)
Tenken-Sen- 1.22143
Kijun-Sen- 1.21819
EURUSD continues to trade higher and hits the highest levels since 2018 on an upbeat market mood. The COVID -19 vaccine optimism and stimulus hopes in the US are putting pressure on the US dollar. DXY is trading extremely weak and holding below 91 levels. The US retails sales declined for the second consecutive months and dropped by -1.1% in November compared to a forecast of -0.3%. US flash manufacturing PMI came at 56.5 vs forecast of 55.90. Short term trend of EURUSD is bullish as long as support 1.21565 holds.
Technical:
EURUSD is holding well above 1.2200, significant resistance is around 1.2260, any indicative break above that level will take till 1.2300/1.2360. On the lower side, any convincing break below 1.21565 confirms the minor weakness. A dip till 1.21350/1.20761 is possible.
It is good to buy on dips around 1.22180 with SL around 1.2160 for the TP of 1.2358.
