- November 25, 2022
- Posted by: cabana-admin
- Category: Market Insights
Overview:- By analyzing the daily technical chart we can see that pair is heading north side and marked a high of 1.8200 which means it is rising up with a full of bullish momentum. Presently pair is doing very well for buyers and it is making successively higher highs and higher lows as it is trading in purely uptrend, which indicates that further rally is still awaited. The 1.8200 level is a psychological level so we will get further bullish signal above this level and a daily closing above this level will open the way towards the 1.8900 level.
Technical Analysis:- From technical prospective we can see that pair’s sustained break above 38% Fibonacci retracement, at 1.7450, can challenge NOV high of 1.8200.
A short term uptrend line is lying which is providing strength on the pair and the way bulls are reacting it seems like they are not ready to stop in the early phase however we need a clean sweep of 1.8200 with a daily closing above the mentioned breakout level.
We will keep our view bullish on the pair as long as 1.8200 level remains intact. Odds are in favor of bulls and intraday bias remains bullish on pair. Pair is moving above the minor and major EMA lines which is providing us bullish signal.
The bullish crossover on MACD indicator is providing us bullish signal. .RSI has turned up into overbought territory which suggests some corrections but this correction should be taken as buying opportunity for those who have missed earlier.
Trade idea:- Based on chart and studies above we can suggest that buy the pair around current levels 1.7940 target is 1.8300 and 1.8500-1.8900 sl is 1.7450 level.