Trade Idea EURUSD (Intraday)

Ichimoku analysis (1-hour chart)

Tenken-Sen- 1.22387

Kijun-Sen- 1.22246

EURUSD recovered sharply after taking support near 200- H EMA.  US President Trump signed a $900 bn emergency bill into law on Sunday night. The House approved government funding to $2000 paycheck from $600. The surge in coronavirus cases, especially in the UK is supporting the US dollar at lower levels.   DXY continues to trade lower, any violation below 89.73 confirms bearish continuation. Short term trend of EURUSD is bullish as long as support 1.2190 holds. 

Technical:

On the higher side, near-term resistance at 1.22580. Any violation above targets  1.22750 is possible.  Significant trend reversal only above 1.2275. A jump till 1.2300/1.2360 likely. The near term support is around 1.2200. Any break below will drag the pair down till 1.2175/1.2150/1.2130.

It is good to buy on dips around 1.2220 with SL around 1.2180 for the TP of 1.2350.