Overview: By looking at the daily chart we can see that buyers are showing their potential in the market. The market is showing upside momentum in the market. The market is forming an uptrend line and the swings are making successively higher highs and higher lows on the chart the bulls are showing their strong side in the market. the pair is showing the upside momentum and still trading between all the major and minor EMA lines. The way bulls reacting it seems like they are trying to arrive at 1.2000 level.
Fundamental Analysis- “Looking at the positive development on the vaccines. “These reduce tail risks for 2021. Euro makes moves towards its Monday high. The pair built its fairly consistent range and move towards topside in the market.
Technical Analysis: From the technical view, we can see that market is going in an uptrend which is providing us bullish signals, and above the 1.1860 level bulls will get more aggressive. On the 4 hourly charts, the pair is trading above all the major and minor EMA lines which provide us bullish signals. The odds are in favor of bulls so it’s better to keep eye on the buy-side. The major support level is 1.1809 followed by 1.1769 and the resistance is 1.1909 followed by 1.1949. The RSI indicator is showing its level above 50 levels which is favoring the bulls. The MACD indicator is showing the bullish crossover of the zero lines which is also favoring the bulls.
Trade Idea: based on the chart and above studies we would recommend to our traders and investors that go for buy at 1.1860 targets is 1.1960,1.2040 sl Is 1.1754.
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