- January 24, 2022
- Posted by: cabana-admin
- Category: Market Insights
General overview: The bulls are keeping their movement towards the upside gain in the market. The bulls are rising towards upside momentum in the market. The market is creating higher highs in the market. The pair keeps on exploding itself towards the bullish trend in market. The market set itself for the buy side in the market. Weekly chart formed rounding top in the chart and we can find potential breakout at level 0.9120 in the chart as the market find somewhere strong support level and creates the bullish pair in the chart. The market subsequently market shows the bullish entry level in the market before someday back and keep hold its buy side in the market, but again in our assumption pair tested old strongly monthly report that would be expected as resistance. As, EMA lines also breached the pair from below and confirm the bullish path in the trading sector.
Technical analysis: From technical point of view we can say that market is bounded by the weekly support which means chart needs to see the breakout level for the effective long term plan . The momentum is with the bulls on the lower time frames and a buying on dips strategy can be applied as follows. On the 4 hourly chart frames we can say that pair formed the rounding bottom pattern and find breakout at resistance level 0.9120 and travels towards the higher side in the market. The indicators are also finding positive momentum in the market as it create higher highs in the RSI and MACD will also travels towards buy side in the market. Following correction there is high probability that bulls are going to reengage this momentum.
Trade idea: Our traders will go for buy after level 0.9188 and target will be 0.9059 and 0.900 stop loss will be 0.9100