Overview:-
By looking at the daily technical chart we can see that pair is heading north side with double bottom price pattern however, earlier pair was heading south side with full of bearish momentum and breaking all the major and minor support levels. But from last couple of weeks we witnessed that bears denied to go down further and bulls took the charge with slow speed but yesterday a massive bullish attempt can be seen where from starting of the day bulls did not stop and took the pair at 1.6303 level which was a fabulous move.
In our previous report we mentioned to buy the pair at 1.6210-05 for the target of 1.6350 with the stop loss of 1.6080. and our target almost achieved so we are hoping that our readers must have minted profit from this move.
Technical Analysis:-
From technical prospective we can see that a double bottom pattern has been completed in so well manner on the chart. The way bulls are reacting it seems like they are approaching the 1.6500 level in near term. The recent candle is bullish marabuzo candlestick all the major and minor EMA lines which is providing us bullish signal. A bullish crossover on the MACD indicator is favoring the bulls RSI is moving above the 50 line which is providing us bullish signal. Overall all the set up is indicating that further bullish momentum is on the cards.
What next:-.
A daily closing above 1.6350 level will open the way towards the 1.6500 level and it will give us further confirmation of bullishness. Well the way bulls have snatched the bite from bear’s mouth it seems like bulls are going to rock for further sessions as pair is already trading between the crossed moving average lines. Yesterday we have witnessed a big bullish marabuzo candlestick in the form of bullish engulfing candlesticks which is providing us bullish signal.
Odds are in favor of bulls and intraday bias remains bullish on the pair as long as 1.6150 levels remains intact. The way bulls are reacting it seems like they are approaching the 1.6450 level. The 1.6150 is immediate support level followed by 1.6100 level whereas 1.6450 level is immediate resistance level followed by 1.6500.
Trade idea : Based on chart and studies above we can say that buy pair at 1.6310-1.6300 target is 1.6420 and 1.6500 with the stop loss of 1.6250.
