Overview: – By analysing the daily technical chart we can see that bulls are doing their best and heading to north side. Overall pair is now trading in uptrend and in an uptrend, market always buy on dips will be profitable strategy. Well, the way bulls are reacting it seems like they are driving the car and going for a long drive. Traders and investors are advised to buy the pair for long term targets are still on the cards.
Technical Analysis: – From technical perspective we can see that pair is trading above all the major and minor EMA lines which is providing us bullish signal. On 4 hourly chart an uptrend line has been formed by which bulls are getting support and rising up. Our bias remains bullish on the pair as long as this uptrend line remains intact i.e., 2000$ level on closing basis. Odds are in favour of bulls. Also, pair is trading in an uptrend channel and it has given us bullish breakout of the uptrend channel which means bulls will get more aggressive here. A short-term uptrend line also forming which is providing us bullish signal. A daily closing above 2030$ will open the way towards the 2040$ and 2060$ in near term.
What Next: – The 2050$ level is immediate key resistance level followed by 2070$ level where as 2010$ level can be considered as key support level followed by 2000$ level.
Trade idea: – Based on chart and studies above we would suggest our traders and investors that go for buy at 2030 level for the target of 2040$ and 2055$ with stop loss of 2010$ level.
