- January 15, 2021
- Posted by: admin
- Category: forex trading
Overview: By looking at the daily technical chart we can see that pair is making successively higher highs and higher lows and heading to the north side with full of bullish momentum. Well, the way bulls are reacting it seems like they are in the party mood and not ready to stop in the early phase. We watching a one-sided rally from 0.6360 to 0.6900 level without stopping anywhere and bulls have become skyrocket since 20th October 2020 and afterward, it did not look back.
The primary trend is up and the secondary trend is also up so in an uptrend market just buy, buy, and buy and convert every dip as a buying opportunity. Overall pair is trading and sustaining above all the major and minor EMA lines.
Technical Analysis: From the technical point of view, we can say that an uptrend line is lying on the chart and the bulls are getting demand pressure from that level. The odds are in favor of the bulls. The RSI is also above the 50 levels which are favoring the bulls and MACD also traveling above the zero levels as providing strength to the bulls. On the 4 hourly chart we can see bullish marabuzo in the market which is showing bullish sentiments in the market. The support of the market is 1.6820 followed by 1.6750 and resistance is 1.7000 followed by 1.7050.
Trade Idea: The traders are advised to go for buy 1.6880-70 and target will be 1.6950-1.7040 and stop loss will be 1.6750
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