Ichimoku analysis (4-Hour chart)
Tenken-Sen- 0.92450
Kijun-Sen- 0.92341
Previous week High– 0.92748
Today's Low- 0.9190
The pair has declined sharply after a minor pullback to 0.92675 despite dovish FOMC minutes. The minutes of the Fed reflect more optimism over US economic recovery. The Fed has not given any timeline for the scale-back QE program due to the uncertainty. The intraday bias is bearish as long as resistance 0.92750 holds.
Trend- Bearish
The near-term support is around 0.9190, breach below will take the pair to 0.9125/0.9090. On the higher side, immediate resistance is around 0.92750. Any convincing breach above targets 0.9300/0.9365.
Indicator (4 Hour chart)
CAM indicator – Slightly bullish
Directional movement index –Neutral
It is good to sell on rallies around 0.92180-220 with SL around 0.92750 for a TP of 0.9050.
