- April 9, 2021
- Posted by: admin
- Category: forex trading, Market Insights
General overview: The pair is extended from the pullback again from the market and sit towards side in the market. The currency pair is trading at 0.7345 above the Ichimoku Cloud, suggesting a breakout downfall. A test of after trend breakout 0.7524 of the Cloud at 0.7294 is expected. An additional signal supporting the growth can be a headed off the lower border of the ascending channel. The pair is making the momentum towards the low side in the market and makes the potential downfall in the system. The more downfalls can be expected in the chart and movement further downfall can be expected. The positional traders can go for selling side in the market.
Technical overview: From, Technical point of view we can say that market makes its side towards the sell position in market. On the daily chart market creates the trend towards the buy side and after the breakout level market headed towards the downfall in the market. On the 4 hourly charts market is giving support of 200 SMA and 50 EMA in the market and towards more bearishness in market major and minor moving averages line are also below the pair and creates sell signals in the market. The indicator RSI and MACD is also making sell opportunity in the market. The support level will be 0.7293 followed by 0.7243 and resistance will be 0.7393 followed 0.7443.
Trade Idea: Our traders will sit towards sell side at level 0.7345 target will be 0.7284 followed by 0.7244 and stop loss will be 0.7405.