Ichimoku analysis (hourly chart)
Tenken-Sen- 1.21150
Kijun-Sen- 1.20998
EURUSD recovered nearly 100 pips from a low of 1.21450. Markets eye treasury secretary Yellen testimony today for further direction. She is expected to give hint about the second stimulus plan. DXY continues to trade weak for the second consecutive day, violation below 90.30 confirms minor weakness. The intraday trend of EURUSD is bullish as long as support 1.2050 holds.
Technical:
On the higher side, near-term resistance at 1.21620. Any indicative violation above targets 1.2220/1.2260. The near term support is around 1.2100. Breach below will drag the pair down till 1.2050/1.200.
It is good to buy on dips around 1.2088-90 with SL around 1.2050 for the TP of 1.2260.
