Ichimoku Analysis (4-hour chart)
Tenken-Sen- 1.18169
Kijun-Sen- 1.18535
EURUSD is trading higher and jumped more than 40 pips on upbeat German IFO. The German IFO rose to 92.6 in Aug compared to estimates of 92 and Current assessment index jumped to 87.9 slightly above expectations of 87. The COVID-19 vaccine hopes and optimism in US, China trade deal is supporting Euro at lower levels. Markets eye US Fed Chairman speech at Jackson hole symposium further up move in this pair. The pair hits an intraday high of 1.18425 and is currently trading around 1.19465.
The 4-hour chart shows that the pair is trading slightly above 100 MA and any violation above 1.18500 confirms intraday bullishness. A jump till 1.1900/1.1920 likely.
On the lower side, strong support is at 1.17500, and the break below will drag the pair down till 1.16900/1.1660.
It is good to buy on dips around 1.1760-65 with SL around 1.1700 for the TP of 1.1920.