- April 19, 2021
- Posted by: cabana-admin
- Category: forex trading, Market Insights
General overview: Bulls are trying to break range bound territory in the market. The pair is trying to maintain bullish grip over the market a move towards the bullish side in the market. The EUR/GBP is trying to maintain movement in the market and pair travelling towards the north side in the market. A combination of converging trend-line constitutes the formation of a falling wedge. The bulls are crossed the negative basis through Asian session. The pair fined the breakout level 0.8500 levels in the market and trying to rise towards the higher side in the market. On hourly chart we can see the golden crossover in the chart try to form proper buy signals in the chart. We can see the trend breakout at level 0.8500 and after travel towards the buy side in the market.
Technical analysis: From the technical point of view we can say that market is towards the buy side in the market. EUR/GBP attracted some dip-buying and turned positive for the second straight session. The technical set-up favors bullish traders and supports prospects for additional gains. Any meaningful pullback might still be seen as an opportunity to place fresh bullish bets. The pair is creating the bullish side in the market. The pair formed the bullish pattern in the market. As its holds towards the buying mode and trying to break the 200 SMA level for the strong buying support on daily chart. Odds are in favors of buy and create the buying opportunity over the market. On the 4 hourly charts we can see the golden crossover as pair maintains its buy side. RSI is above 50 level .The pair breaks all strong support levels in the chart and gives us confirm buying in the market. Macd is also above the zero line and formed the buying confirmation in the market. The support level will be 0.8545 followed by 0.8495 and resistance will be 0.8645 followed by 0.8695.
Trade idea: Our traders will sit towards buy on dips at 0.8690 side at level and target 0.8750 -.8800 followed by stop loss 0.8630 .and stop loss will be 0.8515.