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 the market. The market set itself for the buy-side in the market. Daily chart formed double top 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 form below and confirm the bullish path in the trading sector.
Technical analysis: From the technical point of view we can say that market is bounded by the weekly support which means the 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 the pair formed the double bottom pattern . The indicators are also finding positive momentum in the market as it creates higher highs in the RSI and MACD will also travel towards the buy-side in the market. Following correction, there is a high probability that bulls are going to reengage this momentum. The support will be 1.2100 followed by 1.2050 and resistance will be 1.2220followed 1.2300.
Trade idea: Our traders will go for buy above 1.2220 and target will be 1.2300 and 1.2400 stop loss will be 1.2100.
