The pair has become highly volatile as we can see
that from last 3 consecutive weeks bears
are leading and heading south side. The massive bearish storm can be seen in
the pair where only bears are leading and playing at front foot. Well it seems
like bears are dominating the bulls at every nook and corner with strong
bearish sentiments. But recently pair has shown the strong bullish counter
attack and a dragonfly doji candlestick has been posted on the chart.
Presently pair is trading and sustaining below the
moving average lines but present price action indicates that bears are not too strong
and it will move above the moving average lines very soon. A daily closing
above 0.6800 level will open the way towards the 0.6900 and 0.7000 level. The
way bulls are reacting it seems like it’s time to accumulate the pair and in
coming times it will provide us good returns.
Only aggressive traders are advised to go for long and
positional traders are advised to sit aside for the time being. Intraday bias
remains bullish on the pair as long as pair is sustaining above the 0.6700 level. The 0.6700 level is the
key support level followed by 0.6600 level where as 1.7000 level is the key resistance
level followed by 1.7100.The RSI and MACD
indicators are constructive for potential gains ahead in the coming sessions. A
bearish crossover on MACD indicator is still favoring the bears and RSI is also
providing strength to the bears from negative territory.
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