Cabana Capitals Blog forex trading EUR/USD: Pair has become sky rocket as bulls are driving the car.

EUR/USD: Pair has become sky rocket as bulls are driving the car.

EUR/USD: Pair has become sky rocket as bulls are driving the car. post thumbnail image

Overview: By analyzing the daily technical chart we can see that pair is heading to the north side and making successively higher highs and higher lows. Pair is rising up by taking the support of an uptrend line on the daily chart and taking demand pressure from that level. Recently pair has given us a clear breakout of 1.2270 level with full of bullish momentum. Major crosses held within familiar levels at the weekly opening, with the EUR/USD pair finishing the day a handful of pips above the 1.2250 level.

Technical Analysis: From the technical point of view, we can say that two consecutive bullish marabuzo candlesticks on the hourly chart is providing us a bullish signal. The EUR/USD pair trades around 1.2280 at the end of the American session, offering a neutral short -term stance. The 4 hourly chart shows that buyers are showing their strong aggression in the market, while the longer moving averages maintained their bullish slopes in the market. Overall pair is trading and sustaining above all the major and minor EMA lines and all EMA lines are generating bullish signal.

The pair would need to advance beyond 1.2277 the years high, to turn bullish and attract additional speculative interest. On the daily chart also pair creating the bullish highs in the market. the odds are favoring the bull and gaining positive momentum in the market. The RSI creates the bullish impact in the market and MACD would above the zero lines and creating the bullish signals. The support of the level is 1.2230 followed by 1.2170 and resistance is 1.2350 followed by 1.2468.

Trade Idea: Traders are advised to buy at level 1.2240-50 target will be 1.2348-1.2430 and stop loss is 1.2120.


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