Overview:- By analyzing the daily technical chart we can see that earlier pair was heading north side and was making successively higher highs and higher lows where bulls were leading in the game and was playing at front foot. The pair has formed a rounding bottom pattern and completed successfully on the daily chart. In our previous report also we mentioned to buy the pair at 0.6450 for the target of 0.6550 level and 0.6700 level with the stop loss of 0.6400 and we are expecting that our readers must have made profit from this move.
Technical Analysis: – Well the current picture dipicts that bulls have completed their journey and arrived at 0.6732 level but then bulls lost the grip from the market and now heading to south side recently it tested the low of 0.6583 which seems like end of bears. Well the correction is over now and it seems like bulls are heading to north side once again. This week’s closing matter a lot where if we see a daily closing above 0.6700 then we may expect that it will mark a new high and will break the previous resistance high.
A bearish crossover on the MACD indicator is still valid and indicates that pair may go on either side whereas RSI is also turning back to north side once again.
What Next:- The 0.6700 level is immediate key resistance level followed by 0.6750 level where as 0.6550 level can be considered as key support level followed by 0.6500 level. Odds are in favor of bulls and intraday to weekly bias remains bullish on the pair.
Trade idea:- Based on chart and studies above we would suggest our traders and investors that go for long around 0.6610-15 level for the target of 0.6660 and 0.6700 with stop loss of 0.6560 level.
