Overview:– By analyzing the daily chart of the pair we can see that pair is rising up with strong bullish momentum. Overall pair is making successively higher highs and higher lows and heading north side with clear bullish momentum. In our previous report we mentioned to sell around 1.3180-1.3190 level for the target of 1.3100 and 1.3000 with the tight stop loss of 1.3250 level., our both target has been achieved so we are hoping that readers are minting profit at the moment.
Technical Analysis:–
From technical prospective we can see that a V shape recovery has been completed like a cake walk. Overall bulls are driving the car and heading north side it seems like bulls are testing the sky and they are dominating the bears at every level. The 1.3316 level is the key resistance level and a valid breakout above this level will open the way towards the 1.3500 level. Overall pair is trading above all the major and minor EMA lines which is providing strenght in the pair.
A bullish crossover on the MACD indicator with signal line and MACD line is also generating bullish signal. The RSI has turned up above 50 levels which is flashing the upside signal.
What next:- On daily chart pair has breached 200 SMA line which is providing us bullish signal. The 1.3300 level is key resistance level followed by 1.3500 level whereas 1.3100 level is key support level follwed by 1.3000 level.
Trade idea:- Based on chart and studies above we can suggest to our readers that go for buy around 1.3270 level for the target of 1.3350 level and 1.3400 with the tight stop loss of 1.3200 level.
