- May 4, 2021
- Posted by: cabana-admin
- Category: forex trading, Market Insights
General overview: the pair is forming potential rounding bottom as, pair creates the bullish momentum in the market. The market creates the buy signals in the moves towards the bullish momentum in the market. The pair makes the higher high in the market as the pair makes the buy signals in the market. The pair is testing the level of 0.7500 and makes the buy territory in the market, as the market forms the bullish zone in the market. An additional signal supporting the growth can be a headed towards the upper body of the descending channel. The pair is making the momentum towards the upper side in the market and makes the potential upside in the system. The more upraise can be expected in the chart and movement further upside can be expected. The positional traders can go for selling side in the market.
Technical analysis: From, Technical point of view we can say that market makes its side towards the buy position in market. On the daily chart market creates the trend towards the buy side and after the breakout level market headed towards upside gain in the market. On the 4 hourly charts market is giving support of 200 SMA and 50 EMA in the market and towards more bullishness in market major and minor moving averages line are also below the pair and creates buy signals in the market. The market formed rounding bottom and expected to rise till level 0.7500 in the market. On the hourly chart market formed uptrend in the market as the pair makes the upside formation in the market. The indicator RSI and MACD is also making buy opportunity in the market. The support level will be 0.7389 followed by 0.7339 and resistance will be 0.7489 followed 0.7539.
Trade idea : Our traders will move towards the buy side at level 0.7437 and target will be 0.7497 – 0.7537 and stop loss will be 0.7367.