- June 20, 2022
- Posted by: cabana-admin
- Category: Market Insights
Overview:-By looking at the daily technical chart we can see that pair is heading north side with triple bottom price pattern however, earlier pair was heading south side with full of bearish momentum and breaking all the major and minor support levels. But from last couple of days we witnessed that bears denied to go down further and bulls took the charge aggressively.
Technical Analysis:-From technical prospective we can see that a triple bottom pattern has been posted in well manner on the chart. The way bulls are reacting it seems like they are approaching the 0.6300 level in near term. The recent candle is bullish marabuzo candlestick which is providing us bullish signal and presently pair is trading and sustaining above all the major and minor EMA lines which is providing us bullish signal. A bullish crossover on the MACD indicator is favoring the bulls RSI is moving above the 50 line which is providing us bullish signal. Overall all the set up is indicating that further bullish momentum is on the cards.
Trade idea : Based on chart and studies above we can say that buy pair at 0.6120 target is 0.6250 and 0.6300with the stop loss of 0.6050.