- June 12, 2023
- Posted by: cabana-admin
- Category: Market Insights
Overview: – By looking at the daily technical chart we can see that 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 with slow speed but yesterday a massive bullish attempt can be seen where from starting of the day bulls did not stop and took the pair at 95.00 level which was a fabulous move.
Technical Analysis: – From technical perspective we can see that a rounding top pattern has been completed and bears completed their journey so well manner on the chart. The recent candle is bullish marabuzo candlestick 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 setup is indicating that further bullish momentum is on the cards. From a 4-hour perspective, bulls may want to wait for the price to break higher and enter on a pullback from the newly formed support structure. MACD confirms that the price is in a bullish environment, but it is still below the moving average.
Trade Idea: – based on the chart and above studies we would be recommending to our traders that go for buy at 94.20 targets is 94.60, 95.10 Sl is 93.60.