General overview: The pair has met its resistance level and created higher highs in the market. The market is moving towards the bullish view, but a kind of tug of war is going on between bulls and bears. They created the higher high swings in the market but a kind of pullback can be seen in the market on the daily chart. As the bulls showing their strong forces and trying to moves towards the upside in the market. The pair created a high volume in the market. On the daily chart, we can see the market break its level and travels towards the upside in the market. The pair creates high volatility in the market. As in the daily chart, we can see that the previous month’s wises market formed its rectangle pattern and find breakout level 1.17262 at the end of the previous year and travels towards the higher side in the market. In the weekly chart, the market formed the rounding bottom and we can expect movement further higher side this week.
Technical analysis: From the technical point of view we can say that market creates higher highs swings in the market. The pair is taking support from the 50 EMA and creates the buy signals in the market. On the 4 hourly chart market is making higher highs but now we can see a sudden downfall in the market as the kind of pullback in the market by the bears and we can be expected the market will rise by taking support from minor EMA lines and gives positive move to the market. The intraday traders can also go for buy at level 1.2892 and support level will be 1.2800 followed by 1.2711 and resistance will be 1.2966 followed by 1.3056.
Trade idea: Our traders will move towards the buy-side at the level at level 1.2893 and the target will be 1.2945 -1.2978 and the stop loss will be 1.2830.
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