Trade Idea EURUSD (Intraday)

Trade Idea EURUSD (Intraday)

Ichimoku analysis (4-hour chart)

Tenken-Sen- 1.21231

Kijun-Sen- 1.20483

EURUSD is trading higher for 4th consecutive days and jumped more than 150 pips on broad-based US dollar selling. The dovish comments from the Fed chairman and upbeat global market sentiment are putting pressure on the US dollar index at higher levels. US Fed Chairman Powell was cautiously optimistic and said that the central bank is to continue aggressive policy till the employment problem gets over. US core inflation for Jan (MoM) came at 0% compared to expectations of 0.2%. The headline inflation in line with expectations for Jan at 0.3%. US 10- year yield lost more than 4.5% amid soft inflation data. The pair hits an intraday high of 1.21327 and is currently trading around 1.21225.

Technical:
On the higher side, near-term resistance at 1.2160. Any indicative violation above targets 1.2200/1.2260. The next support is around 1.2080. Breach below will drag the pair down till 1.2050/1.2000/1.19550/1.1900. 

It is good to sell on rallies around 1.2148-50 with SL around 1.2200 for the TP of 1.1955.