EUR/USD: HOLDS IN A TRADING RANGE BULLS AWAITS ECB DECISION.

Overview: The EUR/USD pair struggled to capitalize on its intraday positive move and finally settled in the red for the third consecutive session on Tuesday. EUR/USD has added to the 20 pips to trade upside level. Buyers are establishing a footway towards the buying level in the market. The dollar moves higher is likely to shows weakness fuelled by the risk of actions as Asian Equities. The bullish positioning in the market looks overstretched. EUR/USD is the forex ticker that tells traders how many US Dollars are needed to buy a Euro. The Euro-Dollar pair is popular with traders because its constituents represent the two largest and most influential economies in the world. Pair seems poised to extend its recent rally after slicing through Bull Flag resistance. Dovish ECB expectations turned out to be a key factor exerting pressure on the major. Asian stocks reach new record highs on stimulus hopes. Us stock market positioning looks overstretched, according to Goldman sachs.

Technical Analysis: we can say that from the technical views that pair is creating bullish momentum in the market. The EURO has surged over 2% against US DOLLAR in December, pushing to its highest levels. This impulsive topside push looks set to extend in the near term. The technical way EUR/USD rates appear to be appeared to push the market towards the higher side. On the daily chart the market is showing market its bullish side, as well as indicators, is also supporting the part. We can also see that market will rise above resistance level 1.2196. As, the RSI is above 50 line and creating the bullish signals and The MACD will also above the zero-level creating the bullish signals in the market.

On the 4 hourly chart market is also rising up to reached level 1.21388 let’s hope for more positive impacts and take the shorts steps towards the market high side. The major line EMA is also above the SMA and creating bullish signals in the market. The trading level is 1.2146 and the support will be 1.2038 followed by1.1936 and the resistance is 1.2252 followed by 1.2314

Trade Idea: We can say from the above content buyers should go for buy at 1.2145 targets will be 1.2249 -1.2374 and stop loss will be 1.20058.

 

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