- October 21, 2020
- Posted by: cabana-admin
- Category: Forex Broker
Overview: By looking at the daily chart we can see that buyers are showing their potential in the market. The market is showing upside momentum in the market. From the technical perspective, The market is forming an uptrend line, the swings are making successively lower lows and lower highs,In the chart the bulls are showing their strong side in the market. the pair is showing the upside momentum and still trading between all the major and minor EMA lines. The way bulls are reacting it seems like they are approaching the 1.1900 level.
Technical Analysis: From the technical view we can see that market is going in an uptrend which is providing us bullish signals and above 1.1865 level bulls will get more aggressive. On the 4 hourly chart the pair is trading above all the major and minor EMA line which provides us bullish signals. The odds are in favor of bulls so it’s better to keep eye on the buy-side. The major support level is 1.1776 followed by 1.1727 and the resistance is 1.1900 followed by 1.1940. Intraday bias is back on the upside and further rise would be seen to retest 1.2011 high.
The RSI indicator is showing its level above 50 level which is favoring the bulls. The MACD indicator is showing the bullish crossover of the zero line which is also favoring the bulls.
Trade Idea: based on the chart and above studies we would recommend to our traders and investors that go for buy at 1.1850 targets is 1.1930,1.2000 sl Is 1.1800
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