Ichimoku analysis (1-Hour chart)
Tenken-Sen- 1.17051
Kijun-Sen- 1.17131
EURUSD declined once again after a minor pullback to 1.17500. The fourth stimulus to boost economic growth in the US is preventing the pair from upside. In the German election, left Social Democrats won narrowly against Merkel's Christian Democratic Union of Germany. The demand for Safe-haven continues to rise as Chinese Evergrande's failed to make US dollar-denominated interest payments. It hits an intraday low of 1.16850 and is currently trading around 1.16906.
Technical:
On the higher side, near-term resistance is around 1.1750 and any convincing breach above will drag the pair to the next level 1.1800/1.1850/1.18850/1.1920. The pair's immediate support is at 1.1660, break above targets 1.1660/1.1564.
Indicator (Hourly chart)
Directional movement index – Bearish
It is good to sell on rallies around 1.1718-20 with SL around 1.17600 for the TP of 1.1600.