Overview: – The bulls are rocking on every time frame including hourly, daily and weekly chart where only bulls are traceable. Since the starting of June month bulls are taking the charge and pair is rising up continuously which is a massive bullish storm from an intraday point of view. Also, bulls managed to sustain above 79.00 level which is providing strength to the bulls.
Pair is making successively higher highs and higher lows on day to day basis. The way bulls are heading towards the north side it seems like they are trying to arrive 80.00 and 82.00 and 85.00 level in near term.
Technical Analysis: – From a technical perspective, we can see that pair is heading towards the north side and making a perfect rounding bottom pattern, which is providing us a bullish signal. A very balanced demand and supply and favoring the bulls. Overall pair is trading above all the major and minor EMA lines which is providing us bullish signal. A short term uptrend line is also providing strength to the bulls on hourly chart from where bulls are getting demand pressure.
Odds are in favor of bulls and we will keep our view bullish on the pair as long as 79 level remain intact on the closing basis The 79.00 level can be considered as key support level followed by 78.00 level whereas 80.50 level can be considered as key resistance level followed by 82.00 level. On the contrary, a steep downfall below 78.00 will change the outlook from bullish to bearish and we may see further downfall till 75.00 however there are very less chances for this event.
RSI just pocked the overbought territory and getting stronger on daily chart which suggests some correction but this correction can be taken as buying opportunity. MACD indicator is providing us bullish crossover of the zero line which is supporting the buyers.
Trade idea- based on the chart and studies above we would suggest our traders and investors that go for buy at 79.60 level for the target of 80.50 and 82.00 with the tight stop loss of 78.00 level.
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