- July 29, 2020
- Posted by: cabana-admin
- Category: Forex Broker
Overview:- Pair is doing so good and making successively higher highs and higher lows. Bulls are breaking all the resistances and heading to upside with a complete bullish momentum. Overall pair is trading and moving above the moving average lines which is providing bullish signal.
The first phase of bull run has started from 1.0700 which ended at 1.1421 level where we got a correction and bears took the charge from 1.1421 level and then we have seen a profit booking or correction till 1.1167where 1.1200 was strong key support level but bears could not sustain below the psychological level and turned back to north side.
When we have seen a strong buying from 1.1250 level which was the second phase of the bull run and it is not going to stop in early phase. The short term trend to intermediate term trend is up so in an uptrend market buy on dips will be profitable strategy. Well bulls are already taking up the charge and they will get more aggressive above the 1.1780 level so for the arrival of 1.1900 level we need at least an hourly closing above 1.1780.
Fundamentally- The EUR/USD pair added to the previous day’s positive move and gained strong follow-through traction on Tuesday amid a broad-based US dollar selloff. Following an early uptick, the greenback turned back lower and retreated further from three-week tops set on Monday. The USD downfall came after White House trade advisor Peter Navarro clarified that his comments on the US-China trade agreement had been taken wildly out of context. The US President Donald Trump provided further assurance and tweeted that the phase-one trade deal with China was “still intact”. This, in turn, led to a positive turnaround in the equity markets and undermined the USD’s relative safe-haven status.
Technically: – An uptrend line is lying on the daily chart which is providing us bullish signal and the way bulls are reacting it seems like bulls are doing good job already and they have further potential to move up and short term correction can’t be ruled out which will be a perfect level to buy again. Odds are in favor of bulls and daily to weekly bias remains bullish on the pair as long as 1.1600 level remains intact on a closing basis.
A golden crossover on the moving average lines is providing us bullish signal on 4 hourly chart.
Trade idea:- Traders and investors are advised to buy the pair at 1.1740-30 level for the target of 1.1850 and 1.1950 level with the tight stop loss of 1.1640 on an hourly closing basis.
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