Overview:- By analyzing the daily technical chart we can see that pair is heading north side and marked a high of 131.36which means it is rising up with a full of bullish momentum. Presently pair is doing very well for buyers and it is making successively higher highs and higher lows as it is trading in purely uptrend, which indicates that further rally is still awaited. The 127.20 level is a psychological level so we will get further bullish signal above this level and a daily closing above this level will open the way towards the 128.50 level.
Technical Analysis:- A short term uptrend line is lying which is providing strength on the pair and the way bulls are reacting it seems like they are not ready to stop in the early phase however we need a clean sweep of 128.50 with a daily closing above the mentioned breakout level.
We will keep our view bullish on the pair as long as 127.20 level remains intact. Odds are in favor of bulls and intraday bias remains bullish on pair. Pair is moving above the minor and major EMA lines which is providing us bullish signal.
The bullish crossover on MACD indicator is providing us bullish signal. .RSI has turned up above 50 territory which suggests go gor long with tight stop loss.
Trade idea:- Based on chart and studies above we can suggest that buy the pair around current levels 128 target is 130 and 132. sl is 126 level
