- October 12, 2020
- Posted by: cabana-admin
- Category: Forex Broker
Overview: From the 4 hourly charts of the market we can see that market is in an uptrend line in the chart. It is trading around 1.3043. it is showing the aggressive side of the bulls and makes the market aggressive. Buyers can go for buy-side in the market. The 200 SMA has dropped below the round level. The EMA 50 and MVA 200 forming golden crossover and give a strong bullish side for the buying. The resistance level is 1.3200 in the chart.
Technical Analysis: From the technical perspective, we can see that pair is trading and moving above all the major and minor EMA lines and heading north side. Odds are favoring the bullish. The uptrend is lying and suggesting us to keep the bullish view and buy on dips is an advisable strategy. The chart is forming a kind of head and shoulder pattern. They are bulls are doing a clear neck point break at level 1.3000. The day range is between 1.3014-1.3045.
RSI indicator is showing its level above 50 levels which is favoring the bulls. The MACD indicator is showing a bullish crossover of the zero lines which is also favoring the bulls.
Trade idea– Based on the chart and studies above we would recommend to our traders and investors that go for buy at $1.3025 target is $1.3250 ,$1.3300 sl is $1.2943 level.
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