Overview: – The bulls are rocking on the every time frame including daily, weekly and monthly chart where only bulls are traceable. Since last two consecutive days bulls are hitting the shot on the bears and dominating the bears at every corner. The recent price action is putting the bulls in the lime light. Bulls started from 111.71 and marked a high of 114.23 levels in just 2 days which covered all the losses of since 16 January 2020.
Technical Analysis: – The way bulls are reacting it seems like bulls are driving the car and heading towards north side and the way bulls are reacting it seems like they are approaching the 115 level at least. Overall pair is moving above all the major and minor EMA lines which is providing us bullish signal.
From technical prospective we can see that pair is trading north side and heading north side by taking the support of an uptrend line. Pair is making successively higher highs and higher lows by taking the support from the uptrend line. The odds are in favor of bulls and intraday to weekly bias remains bullish on the pair as long as this uptrend line remains intact.
The 115 level can be considered as key support level followed by 115.50 level whereas 113 level can be considered as key resistance level followed by 112.50 level. The bulls are struggling to break the 114.33 level which is high of previous swing’s high. A valid breakout of this level will open the way towards the 115 level at least.
Trade idea:- Based on chart and studies above we would suggest that go for buy around 113.70 for the target of 114.50 and 115 level with the tight stop loss of 112.50
