FxWirePro- EURUSD surges above 1.1780 level after dovish Fed Chairman speech, good to buy on dips

Ichimoku analysis (4-Hour chart)

 Tenken-Sen- 1.17605

 Kijun-Sen- 1.17427

EURUSD surged towards after Fed Chairman speech in Jackson Hole. He said that the US economy continues to make clear progress towards maximum employment and it would be appropriate to start tapering of bond purchase by year-end.  The bank was in no rush to raise interest rates despite a surge in inflation. The US 10-year bond yield has shown a minor decline of more than 2% from minor top 1.358%. The spread of delta variants and bomb blasts in Afghanistan has increased demand for safe-haven assets like the US dollar, yen.

Technical:

On the higher side, near-term resistance is around 1.1800 and any convincing breach above will take to the next level 1.18425/1.1900. The pair's near-term support is at 1.17385, break below targets 1.1700/1.1660/1.1600/1.15285.

Indicator (4-hour chart)

CCI (50)-Bullish

Directional movement index – Bullish

It is good to buy on dips around  1.1760-625 with SL around 1.1720 for the TP of 1.1850.