FxWirePro: CAD/JPY’s Interim Bulls Seem Deceptive, Major Downtrend Still Imminent On Head & Shoulder Pattern – Trade & Hedging Setup
FxWirePro: EURUSD struggles to close above 200-day MA, good to buy on dips
Ichimoku Analysis (8-hour chart)
EURUSD has once jumped above 1.1000 levels after a minor dip till 1.09558. The European Commission proposed a coronavirus recovery fund of 750 billion Euros which has supported Euro to rise further. The easing of lockdown and optimism in coronavirus vaccine increased demand for risk appetite. But renewed tensions between the US and China might support USD at lower levels. It is currently trading around 1.10084.
Markets eye US prelim GDP and Initial jobless claims for further direction. The near term support is at 1.1000, any break below will drag the pair down till 1.09400/1.09200/1.0900/1.0860/1.0800.
On the higher side, immediate resistance is around 1.1040 will take the pair to next level 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.