Ichimoku analysis (4-Hour chart)
Tenken-Sen- 1.18506
Kijun-Sen- 1.18626
EURUSD lost more than 0.75% from a minor top 1.19070 made after US dismal jobs data. The cautious market mood and spread of delta variant coronavirus have increased demand for safe-haven assets like the US dollar. The weak Eurozone and German ZEW economic sentiment also dragging the single currency. Investors await the European Central bank policy meeting tomorrow for further direction. EURUSD hits an intraday low of 1.18162 and is currently trading around 1.18237.
Technical:
On the higher side, near-term support is around 1.1800 and any convincing breach below will drag the pair to the next level 1.17568/1.1700. The pair's immediate resistance is at 1.18300, break above targets 1.1860/1.1885/1.19070.
Indicator (4-hour chart)
CAM indicator-Neutral
Directional movement index – Neutral
It is good to sell on rallies around 1.1878-80 with SL around 1.1920 for the TP of 1.1660.
