Overview: – By analyzing the daily technical chart we can see that bulls are playing at front foot and dominating the bears at every nook and corner. The bounced continuously from 1.5867 level to 1.7790 level and then we have seen some correction till 1.6921 which was another opportunity to buy again for those who have missed earlier. In our previous report we also mentioned to buy the pair around 1.6380 for the target of 1.6600 and 1.7100 which has been achieved easily so we are expecting that our readers must have made profit from this move.
Technical Analysis:- From technical prospective we can see that a short term rounding bottom price pattern has been formed and now it is for sure that we will go for buy and pair is getting support from the uptrend line and getting bounce from there every time. It seems like bulls are approaching the 1.7800 level which seems as unfinished target of bulls and as we can see that bulls are sustaining above the minor and major EMA lines and sustaining above the average lines since past couple of days. Consecutive bullish marabuzo candlesticks on the daily chart which are providing us bullish signal are generating further buying opportunity. RSI arrived in the positive territory which is favoring the bulls and a bullish crossover on the MACD indicator is the recent development.
What Next:- Well the way bulls are reacting at these levels it seems like they are approaching the 1.7800 level in near term. A daily closing above the 1.7500 level will open the way towards the 1.7800 level in near term.
Intraday bias remains bullish on the pair as long as 1.7300 level remains intact. Odds are in favor of bulls. The pair could face the next support at 1.7350 ahead of 1.7300. On the upside, resistances align at 1.7550 and 1.7600
Trade idea:- Based on chart and study above we can suggest to our readers that buy at 1.7450-40 for the target of 1.7550 and 1.7600 with the tight stop loss of 1.7350 level.
