Overview: – Well earlier pair is falling down consistently from last couple of weeks and it slipped from 1.0002 and it marked a low of 0.9612 level. We can see the bearish sentiments are over now and bulls got the charge and snatched the bite from bear’s mouth and pair is heading towards north side. Well the way bulls are reacting it seems like they are approaching the 0.9900 level once again in near term. Overall bulls are leading and taking the charge with full of bullish momentum or we can say that bulls are driving the car and heading towards north side.
Technical Analysis:- From technical prospective we can see that a downtrend line has been breached out successfully by bulls. Even we can say that pair has been bottomed out on the daily chart. It’s an early buy call we will get further bullish confirmation once we see a daily closing above 0.9800 level. A valid breakout of 0.9800 level will open the way towards the 0.9850 and 0.9900 level in coming days.
pair has breached out all the minor moving average and sustaining above the lines. Odds are in favor of bulls and intraday bias remains bull ish on the pair as long as 0.9660 level remains intact. RSI is entering in the positive territory so we may see some buying. A bullish crossover on the MACD indicator occurred which indicates that now bulls will play at the front foot again and will dominate the bears.
What next :- The 0.9800 is key resistance level followed by 0.9850 level whereas 0.9670 level which is a key support level followed by 0.9600 level.
Trade idea:- Based on the chart and study above we can suggest go for buy at current levels 0.9730-40 for the target of 0.9800 and 0.9850 stop loss is 0.9670.
