Ichimoku analysis (1-hour chart)
Tenken-Sen- 1.22819
Kijun-Sen- 1.22624
EURUSD declined sharply after forming a double top near the 1.2300 level. The slight pullback in the US dollar came after Scotland lockdown at midnight tonight. Markets eye run-off elections in Georgia on Jan 5 for further directions. If Democrats win both seats, the hopes of more stimulus will become reality. The intraday trend of EURUSD is bearish as long as resistance 1.2300 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 sell on rallies around 1.2285-88 with SL around 1.2320 for the TP of 1.2200.
