The current picture of daily chart is showing a clear steep recovery with the aggressive bullish sentiments. A V shape recovery on the daily chart is showing that bulls are in revenging mood and they are not ready to stop in early stage. The 1.1450 and 1.1500 level is seems as stumble block for bulls and the a valid breakout of this level will open the way towards the 1.1600 level towards north side.
Earlier pair was heading south side with lower lows and lower highs but after arriving at 1.1161 level bears lost the control and bulls grab the opportunity. Bulls made a fabulous counter attack on the same time which was the initial indication of bottom out process. In our previous report also we mentioned to buy this pair and we are hoping that our readers must have made profit from this move.
Two consecutive bullish marabuzo candlesticks are generating trend reversal signal which is providing us bullish signal and pair has turned up above the moving average lines which is providing us bullish signal. Presently pair is trading and sustaining above the moving average which is providing us bullish signal. Pair is making successively higher highs and higher lows on the daily chart and bulls are dominating the bears.
We will keep our bias bullish on the pair as long as 1.1200 levels remains intact. Odds are in favor of bulls. A double bottom pattern has been formed on the daily chart which is providing upside pressure to the bulls and the way bulls are reacting it seems like they are driving the car and they are in party mood.
A bullish crossover on MACD indicator is favoring the bulls and providing trend reversal signal for the time being and RSI is also providing us bullish signal from positive territory however, some correction can’t ruled out even that should be consider as further buying opportunity. The 1.1450 level is immediate resistance level followed by 1.1500 whereas 1.1200 levels is strong key support level followed by 1.1150 level.