Overiview :-From past couple of days we are witnessing very narrow range move in the pair and the way pair is moving on it seems like tug of war is going on. Yesterday pair has given us bullish breakout of the narrow range and now pair is trading and moving above the key resistance level of 1.6500 level. still sustaining above 1.6500 level which is positive sign for bulls.
Technical Analysis:- From technical prospective we can see that bulls are forming a rounding bottom pattern where very balanced demand and supply is going on and we are expecting it to arrive at 1.6270 and 1.6300 level in coming trading session. A daily closing above 1.6500 level will open the way towards the 1.7000 and 1.7200 level. Well the way bulls are reacting it seems like bulls will arrive at this level in near term. A bullish crossover on the MACD indicator is generating bullish signal and RSI is also favoring the bulls for the time being. Presently pair is trading above all the major and minor EMA lines which is providing strenght to the bulls.
What next:- Odds are in favor of bulls. Intraday bias remains bullish on the pair as long as 1.6300 level remains intact. A daily closing above 1.6500 level will open the way towards 1.7000 level and furthermore in near term
Trade idea:- Based on chart and studies above we would recommend that one should go for long around 1.6300 level for the target of 1.7000 and 1.7200 sl is 1.5765 level
