EUR/USD: potential rounding bottom formed on 4 hourly charts.

General overview:  EUR/USD pair is hitting towards the buy side in the market. The pair is towards the buy side in the market.   Its extends gains above 1.1950, printing three-day uptrend. The US dollar hits fresh three-week low on downbeat yields, vaccine jitters and strong US CPI. The pair makes the positive side towards the market and hits make further buying opportunity in the market. On the daily chart we can see that pair has ability to stay strong and lead the successful buy in the market. On the daily chart the market lead the breakout at the level 1.1708 level and create. The positive movement in the chart. The further more positive moves can be expected now as the bullish sentiments are towards the buy side in the market

Technical analysis: From the technical point of view we can say that market stay strong towards the buy side in the market.  EUR/USD pair’s ability to stay strong beyond 200-day SMA, backed by the strongest bullish MACD signals since early December 2020 suggests the quote’s further upside. The market creates the strong buy side in the market. On the 4 hourly chart market create the higher high swings in the market. The strong bullishness created in market, the buyers can take their move towards the buy side in the market. The strong EMA and SMA line are also giving support to the market for the strong established move in the market. On the hourly chart also we can see same movement in the chart. RSI is also formed strong buy side as it rises above 50 levels and reaches to kind of oversold situation as MACD also make bullish crossover and raise above zero level create buy position in the chart. The support level will be 1.1900 followed 1.1850 resistances will be 1.2020 followed by 1.2070.

Trade idea: our traders will take buy position at level 1.9660 target will be 1.2020 -1.2050 stop loss will be 1.1880.



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