- February 24, 2021
- Posted by: cabana-admin
- Category: forex trading
General overview: The bulls are keeping their movement towards the upside gain in the market. The bulls are rising towards upside momentum in the market. The market is creating higher highs in the market. The pair keeps on exploding itself towards the bullish trend in the market. The market set itself for the buy-side in the market. Weekly chart formed rounding top in the chart and we can find potential breakout at level 0.8755 in the chart as the market finds somewhere strong support level and creates the bullish pair in the chart. The market subsequently market shows the bullish entry level in the market before someday back and keep hold its buy-side in the market, but again in our assumption pair tested old strongly monthly report that would be expected as resistance. As EMA lines also breached the pair form below and confirm the bullish path in the trading sector.
Technical analysis: From the technical point of view we can say that market is bounded by the weekly support which means the chart needs to see the breakout level for the effective long-term plan. The momentum is with the bulls on the lower time frames and a buying on dips strategy can be applied as follows. On the 4 hourly chart frames, we can say that the pair formed the rounding bottom pattern and find breakout at resistance level 0.9039 and travels towards the higher side in the market. The indicators are also finding positive momentum in the market as it creates higher highs in the RSI and MACD will also travel towards the buy-side in the market. Following correction, there is a high probability that bulls are going to reengage this momentum. The support will be 0.9013 followed by 0.8963 and resistance will be 0.9112 followed 0.9162.
Trade idea: Our traders will go for buy at level 0.9059 and target will be 0.9129 and 0.9159 stop loss will be 0.8979.
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