Overview:- The pair is now heading upside and bulls are leading in the game full of dominance in the pair. The Primary trend is down and the secondary trend is up so in an uptrend market every bounce should be converted as buying opportunity.
In our previous report also we mentioned to buy the pair around . 0.5620 level for the target of 0.5900 and 0.6230 with stop loss of 0.5420 level. And our both target have been achived smoothly due to bullish momentum. So we are expecting that our readers must have made profit from this move.
Technical Analysis: – From technical prospective we can see that pair has given us bullish breakout of the 0.6180 level yesterday itself which confirmed an unstoppable move towards the 0.6500 level in near term. Overall 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.
By applying the Fibonacci fan lines we can see that it has recently entered in the last fold which indicates that the 0.6480-0.6500 level are the expected arrival of the bulls. This week’s closing matters a lot if it trades and sustain below 0.6200 level then it will open the way towards the 0.6500 level in near term for sure and there is high probability that we may see this outcome in coming trading session.
The overall pair is trading and sustaining above all the minor EMA line. Odds are in favor of bulls and we will keep our view bullish on the pair as long as 0.6000 level. RSI and MACD are favoring the bulls and providing us a bullish signals.
What Next:- The 0.6380 level is immediate key resistance level followed by 0.6450 level whereas 0.6120 level can be considered as key support level followed by 0.6000 level.
Trade idea:- Based on chart and studies above we would suggest our traders and investors that go for buy above 0.6180 level for the target of 6270 and 0.6350 with stop loss of 0.6000 level.
