Ichimoku analysis (1-hour chart)
Tenken-Sen- 1.22108
Kijun-Sen- 1.22085
EURUSD is trading above 1.2200 levels on broad-based US dollar selling. US President Trump signed a $2.3 trillion COVID-19 aid bill. The UK and EU have reached a post-Brexit deal in Brussels after a long 11 month negotiations. DXY continues to trade lower, any violation below 89.73 confirms bearish continuation. Short term trend of EURUSD is bullish as long as support 1.2150 holds.
Technical:
On the higher side, near-term resistance at 1.22580. Any violation above targets 1.22750 is possible. Significant trend reversal only above 1.2275. A jump till 1.2300/1.2360 likely. The near term support is around 1.2200. Any break below will drag the pair down till 1.2175/1.2150/1.2130.
It is good to buy on dips around 1.2220 with SL around 1.2180 for the TP of 1.2350.
