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Ichimoku analysis (Hourly chart)
Tenken-Sen- 1.21666
Kijun-Sen- 1.2172
EURUSD declined sharply on robust US data. US core PCE surged to 3.1% y/y vs forecast of 2.9%. The monthly core Personal consumption came at 0.7% slightly above the estimate of 0.6%. The US 10- year yield jumped nearly 1% after data. The budget proposal by Biden also supporting the US dollar at lower levels. DXY is holding above 90 levels; any breach above 90.50 confirms intraday bullishness. EURUSD hits an intraday low of 1.21328 and is currently trading around 1.21499.
Technical:
On the higher side, near-term resistance is around 1.2180, and any convincing breach above will take the pair to next level 1.2210/1.2260. The pair's near-term support is around 1.2120, violation below that level targets 1.2070/1.2040 (100- day MA)/1.1980.
Indicator (Hourly chart)
CAM indicator –Neutral
Directional movement index –Neutral
It is good to sell on rallies around 1.2208-10 with SL around 1.2260 for the TP of 1.2080.
