Ichimoku Analysis (4-hour chart)
EURUSD continues to trade higher on an upbeat market mood. The better than expected Chinese retail sales and industrial production, COVID-19 vaccine optimism has decreased demand for Safe-haven assets like the US dollar. Markets eye German ZEW sentiment and US Empire state manufacturing index for further direction. The pair hits an intraday high of 1.18990 and is currently trading around 1.18965.
The 4-hour chart shows that the pair is trading well above 100 and 200 MA, any break above 1.19250 targets 1.1965/1.2000.
On the lower side, strong support is at 1.1880, and the break below will take the pair to the next level till 1.1820/1.1780.
It is good to buy on dips around 1.1870 with SL around 1.1825 for the TP of 1.2000.