FxWirePro- EURUSD trade weak due to increase in demand for safe-haven, good to sell on rallies

Ichimoku analysis (1-Hour chart)

 Tenken-Sen- 1.17896

 Kijun-Sen- 1.17923

EURUSD is trading weak after a minor pullback above the 1.1800 level. The surge in delta variant Coronavirus and decline in German IFO business climate is putting pressure on Euro. The slump in Chinese tech shares for the second consecutive days due to a crackdown by Chinese authorities on tech and other industries has increased demand for safe-haven like the US dollar. Markets eye US durable goods orders and Conference board consumer confidence for further direction. The pair hits an intraday low of 1.17744 and is currently trading around 1.17780.

Technical:

On the higher side, near-term resistance is around 1.1835 and any convincing breach above will take to the next level 1.1880/1.19070/1.19655/1.200. The pair's near-term support is at 1.1750, break below targets 1.1700/1.1660.

Indicator (1-hour chart)

CAM indicator-Bearish

Directional movement index – Bearish

It is good to sell on rallies around 1.1788-90 with SL around 1.1835 for the TP of 1.1700.