- July 7, 2021
- Posted by: cabana-admin
- Category: Market Insights
General Overview: from the last few days we can see that the pair has been upside n with lots of positivity in the market. Rallies at this point in time should continue to be buying opportunities. The currency pair is trading largely unchanged on the day near 110.50. Technical charts suggest scope for deeper declines. The charts showing its bullish side as the market mood is sour today. The technically bullish in the near term, as it is trading near its daily at 110.50. On the daily chart pair is forming its short uptrend the market is showing bullish pattern that marks up side support breaks level 110.21. The bull are going 111.00 level. The pair is also making its bullish uptrend pattern which provides an extension to an existing uptrend trend, its initial strong direction move down.
Technical analysis: From the technical view of the chart we can see market is moving in upward which give us positive momentum of the market. The is making its higher lows and lower lows. On the 4 hourly chart the market forming bullish marabuzo which indicating market is rising. The EMA is rising faster than the SMA and showing bullish volatility the market. The EMA keeps supporting the bullish view which will remain valid and active unless the price rallied to breach 110.41 levels and hold above it. .
The RSI is below the 50 level showing bullishness in the market. The MACD indicator showing its strong bullish signals as it following the bullish momentum in the market.
Trade idea: Above conclusion we can say that bulls can enter in the level 110.50 targets will be 111.20, 111.50 and the stop will be 109.60.