Ichimoku analysis (4-hour chart)
Tenken-Sen- 1.21133
Kijun-Sen- 1.21084
EURUSD has recovered more than 50 pips after a minor dip till 1.20850 on broad-based US dollar selling. The upbeat market sentiment due to coronavirus vaccine progress and hopes for more U.S stimulus is putting pressure on the US dollar at higher levels. DXY is trading weak, any violation below 90 confirms bearish continuation. US 10- year yield hits fresh year high on US stimulus hopes. It has surged more than 8% previous week till 1.21%. The pair hits an intraday high of 1.21451 and is currently trading around 1.21378.
Technical:
On the higher side, near-term resistance at 1.2150 (200-4H MA). 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 buy above 1.2150 with SL around 1.2100 for the TP of 1.2260.
