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FxWirePro: Buy EURUSD on dips
Major resistance – 1.1370
Ichimoku Analysis (4- Hour chart)
EURUSD is holding above 1.13500 despite weak German ZEW data. The economic sentiment came in at 59.3 vs estimate of 60 while Jul ZEW current situation index at -80.9 vs -65. The COVID -19 treatment optimism is putting pressure on Safe-haven assets like Dollar. It hits an intraday high of 1.13586 and is currently trading around 1.13568.
The pair is facing significant resistance in the range 1.13710-750, any violation above targets 1.14225/1.14990. Overall trend reversal only above 1.1500. The near term support is around 1.13200, the violation below will take the EURUSD till 1.1300/1.12400.
It is good to buy on dips around 1.13525-550 with SL around 1.1300 for the TP of 1.1490.