- October 13, 2021
- Posted by: cabana-admin
- Category: Market Insights
General Overview: from the last few days we can see that the pair has been swings n with range bound in the market. Rallies at this point in time should continue to be selling opportunities. The currency pair is trading largely unchanged on the day near 113.46. Technical charts suggest scope for rising high. The charts showing its bullish side as the market mood is positive today. On the daily chart pair is forming its range bound pattern continually, but on the 4 hourly chart swings are forming.
Technical analysis: From the technical view of the chart we can see market is moving in downward which give us positive momentum of the market. The is making its higher lows accordingly. On the 4 hourly chart the market forming swings but in range bound manner which indicating market is rising for short term intraday. 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 113.46 levels and hold above it. .
Trade idea: Above conclusion we can say that bulls can enter in the level 113.46 target will be 114.00 and 114.50 the stop will be 113.00.