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Trade Idea EURUSD (Intraday)
Ichimoku analysis (1 Hour chart)
EURUSD has lost more than 50 pips after a minor jump above 1.1700. The demand for Safe-haven assets increased sharply on lockdown due to rising coronavirus cases and US election uncertainty. US personal income came at 0.9% vs forecast of 0.3%, while personal spending rose to 1.4% compared to an estimate of 1.0%. U.S Chicago PMI declined slightly to 61.1 vs 62.4 the previous month. The rise in the number of cases globally has crossed 45m and the death toll crossed 1.15 m. The overall trend of the pair is bearish as long as resistance 1.1720 holds.
In an hourly chart, EURUSD is trading well below the long-term moving average (200 MA) and Tenken-Sen, Kijun-Sen. Any break above 1.17086 will take the pair till 1.1760/1.1800/1.1880/1.19250. On the flip side, near term intraday support is around 1.16300 and any indicative break below that level will take the pair till 1.1600/1.1580.
It is good to sell on rallies around 1.1680 with SL around 1.17250 for the TP of 1.1600.