- May 19, 2021
- Posted by: cabana-admin
- Category: forex trading, Market Insights
General overview: EUR/USD remains on the track to extend gains in the Asian session. More gains visible if price decisively breaks above 1.2235.Bullish momentum oscillator tilts in favor of upside momentum. The bulls are forming more volatility in the market, as bulls are creating higher highs in the market, the pair shows us extending gains yesterday also, and gives us further buying opportunity in the market. On the daily chart, the pair has been gaining momentum keeping track of the previous session’s upside gains. The bulls could have a chance to test the first hurdle at the 1.2250 horizontal resistance levels if price sustained over the 1.2235 mark. Bulls are finding their comfort zone in the market as market leads towards the buy side in the market, the market creating bullies territory in the market, as the target level will be above 1.2300.
Technical analysis: From the technical point of view we can say that bulls are strongly aggressive and finding more paths for the buying in the market. On the daily chart we can see that small uptrend formation is being on the chart, On the 4 hourly chart we can say that market makes the uptrend in the market , the swings are towards the higher side , odds are favoring the bulls in the market, the traders can still book their buy position in the market , the strong EMA and SMA lines are giving support to the market for the further rise in the market, but Alternatively, RSI is in the over brought above 70 level as well as in the MACD we can see that bullish crossover as the pair travels above the zero level, and creates the buy zone in the market , if there is pullback it can be down till 1.2100 level, the support line will be 1.2170 followed by 1.2120 and resistance will be 1.2283 followed by 1.2340.
Trade idea : Our traders will sit on the buy side at level 1.2233 followed 1.2300 followed 1.2350.