FxWirePro: CAD/JPY’s Interim Bulls Seem Deceptive, Major Downtrend Still Imminent On Head & Shoulder Pattern – Trade & Hedging Setup
FxWirePro: EURUSD Short term outlook
Ichimoku Analysis (8-hour chart)
EURUSD recovered more than 100 pips from a low of 1.08700 on broad-based US dollar selling. The easing of lockdown and optimism in coronavirus vaccine is supporting Euro. But renewed tensions in Hong Kong slightly increasing Safe-haven demand. It hits high of 1.09958 and is currently trading around 1.09701.
On the data front, US New home sales came at 623000 much better than 48000 units in Apr. The near term support is at 1.09420, any break below will drag the pair down till 1.09200/1.0900/1.0860/1.0800.
On the higher side, immediate resistance is around 1.1000 will take the pair to next level 1.10250/1.1100/1.11450. Bullish continuation only above 1.1150.
It is good to buy on dips around 1.0950 with SL around 1.0920 for the TP of 1.1020.