Trade Idea EURUSD (Intraday)

Ichimoku analysis (4-hour chart)

Tenken-Sen- 1.21175

Kijun-Sen- 1.21059

EURUSD recovered sharply after the ECB policy meeting. The central bank has kept its main refinancing operations at zero, marginal lending facility, and the deposit facility unchanged at 0.25% and -0.50%. ECB President Lagarde said that PPEP to be continued until the end of Mar 2022. We will monitor the exchange rate and its impact. The number of people who have filed for unemployment benefits has declined to 900K compared to a forecast of 900K.  The US 10-year yield surged more than 3.5% after the data.

Technical:

On the higher side, near-term resistance at 1.21750. Any indicative violation above targets 1.2220/1.2260. The near term support is around 1.21150. Breach below will drag the pair down till 1.20700 (trend line support)/1.2050/1.200.

It is good to buy on dips around 1.2140 with SL around 1.2100 for the TP of 1.2260.