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FxWirePro: Sell EURUSD on rallies
Ichimoku Analysis (Hourly chart)
EURUSD is trading lower after hitting a high of 1.11476. The pair pared most of the gains made the previous week. The massive jump in Euro came after Fed QE was more powerful than the European Central Bank. But the spread of coronavirus in all countries, especially in the US and Italy, will increase demand for Safe-haven like the dollar. It hits an intraday low of 1.10270 and is currently trading around 1.10343.
Technically, near term support is around 1.1000 and any indicative break below will take the pair to next level till 1.0950/1.0900.
The immediate major resistance is around 1.1150 and any break above targets 1.1180/1.1245.
It is good to sell on rallies around 1.1100 with SL around 1.1150 for the TP of 1.1000.