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Ichimoku analysis (4-Hour chart)
Tenken-Sen- 1.180374
Kijun-Sen- 1.17754
EURUSD hits a multi-week high and holding above 1.1800. The declining US treasury yields after dovish Fed Powell comments are putting pressure on the US dollar. The US dollar index trades below 200-4H MA, a dip till 92 is possible.
Economic data:
The US pending home sales declined slightly by 1.8% in July, the second month in a row compared to an estimated 0.5% rise. Markets eye Eurozone CPI, US CB Consumer Confidence, and Chicago PMI for further direction.
Technical:
On the higher side, near-term resistance is around 1.18350 and any convincing breach above will take to the next level 1.18850/1.1920. The pair's near-term support is at 1.1780, break below targets 1.1750/1.1700/1.1660.
Indicator (4-hour chart)
CAM indicator-Bullish
Directional movement index – Bullish
It is good to buy on dips around 1.1820 with SL around 1.1780 for the TP of 1.1900.
