- May 31, 2021
- Posted by: cabana-admin
- Category: Forex Broker, Market Insights
General overview: Bulls are steeping towards the upside direction by giving the bullish view. The pair is still in range bound position and trying to push itself towards north side in market. a kind of zig –zag pattern we can see in market where no proper accuracy of calls we can give. Still we can say that market is trying to recover the pervious breakout levels and creating the lower high swings in the market. Today pair support level is 1.0600. We can also see that market is shows its potential move towards the upside way. It will able to find its bullish view. We can expect more bullish momentum ahead in the market. The pair is above the major and minor EMA and SMA lines. The pair reaches to the level 1.0700.
Technical analysis: From the technical point of view we can say that market is in buy side and creating the buy side in the market. We can see strong gain further onwards. The intraday traders also go for the buy side in the market. On hourly chart market makes the upside swings in the market. Bullish marabuzo is formed we advised the traders to go for the buy side in market. The market is formed the upwards trend in the market and forming the higher highs swings in the market. On the 4 hourly charts market formed the rounding upside side pattern and after breaking resistance level we can expected buy movement further onwards. The RSI is also supporting price pattern by giving buy view as well MACD also move above zero level .The support level of the market is 1.0600-1.0550 and resistance will be 1.0700- 1.0750.
Trade idea: Our traders will sit towards buy side at level 1.0655 targets will be 1.0700 and 1.0740 and stop loss will be 1.0600.