Overview:- By analyzing the daily technical chart we can see that bulls are doing their best and heading to north side. Overall pair is now trading in uptrend and in an uptrend market always buy on dips will be profitable strategy. Well the way bulls are reacting it seems like they are driving the car and going for a long drive. Traders and investors are advised to buy the pair for long term targets of 0.6750 is still on the cards.
Even pair has given us positive breakout of 0.6340 level where 200 SMA line was lying and now pair is trading above all the major and minor EMA lines. In our previous report also we mentioned to buy the pair above 0.6180 level for the target of 6270 and 0.6350 with stop loss of 0.6000 level and our both target have been achived smoothly due to bullish momentum. So we are expecting that our readers must have made profit from this move.
Technical Analysis: – From a technical perspective we can see that pair has formed a bullish flag pattern on the daily chart also on 4 hourly charts an uptrend line has been formed by which bulls are getting support and rising up. Our bias remains bullish on the pair as long as this uptrend line remains intact i.e. 0.6250 level on closing basis. Odds are in favor of bulls. Also pair is trading in an uptrend. A daily closing above 0.6590 will open the way towards the 0.6750 and furthermore.
On 4 hourly chart, a bullish crossover on the MACD indicator is favoring the bulls and RSI is also sustaining above 50 lines which is providing us a bullish signal.
What Next:- The 0.6600 level is immediate key resistance level followed by 0.6750 level whereas 0.6330 level can be considered as key support level followed by 0.6250 level.
Trade idea:- Based on the chart and studies above we would suggest our traders and investors that go for buy at 0.6460-70 level for the target of 0.6650 and 0.6750 with the stop loss of 0.6230 level.
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