- February 5, 2021
- Posted by: cabana-admin
- Category: Market Insights
General overview: The pair shows a strong movement towards the positive side in the market. The market creates its bullish side in the market. The pair extending towards its advanced level in the market above 105.00 price level to its highest level in 12 weeks. The US Dollar puts strong session as bulls are going to reach strong momentum in the market. Dollars are getting pressure as the bulls are making positive moves towards the strong side in the market. The bulls are showing their aggression towards the positive side of the market. The buyers are creating strong buy signals in the market as bulls are continued to fueled and create a monthly highs system in the chart. The pair is still up and gained with recently 300 pips to in month high. The odds are in favor of the buyers and create strong bullish momentum.
Technical analysis: From the technical point of view we can say that market sits towards the buy-side and creates buy signals in the chart. The market-creating strong volatility in the market. An upward trend has been created as the flow of funds is more towards the dollar side. Buyers are creating the demand and raising the expectation level towards the long term bullish side in the market. The pair tested a strong resistance level in the market and trying to break the resistance level as they are in a hurry of creating the monthly highs. On the 4 hourly charts we can say that market creating a higher high in market and the minor EMA lines are above the SMA lines. The RSI is also above the 70 level and creating the situation of the overbought in the market. Macd also rises above the zero line creates buy signals. The support of the market is 105.05 followed by 104.50 and resistance is 106.00 followed by 106.50
Trade idea: Traders go for buy at the level 105.52 and target will be 106.30-106.70 and stop loss will be 104.77