Ichimoku analysis (4-hour chart)
Tenken-Sen- 1.22486
Kijun-Sen- 1.22244
EURUSD surged sharply and hit a 32-month high on broad-based US dollar selling. Market eyes US senate vote on $900 billion US stimulus package. The mood of the market improved further after the House of Representatives voted yesterday. Major economic data to be watched are Chicago PMI, Pending home sales. DXY formed almost a double bottom at 89.70, any significant weakness only below that level. Short term trend of EURUSD is bullish as long as support 1.2190 holds.
Technical:
On the higher side, near-term resistance at 1.23000. Any indicative violation above targets 1.2360/1.2400 likely. The near term support is around 1.2240. Any break below will drag the pair down till 1.2200/1.2150/1.2130.
It is good to buy on dips around 1.2260 with SL around 1.2220 for the TP of 1.2360.
