EUR/GBP:Bulls are dominating the bears & marking 2018’s fresh high

Aug 21  , 2018

 

By analyzing the daily technical chart we can see that pair is heading north and dominating the bears at every nook & corner. When pair was arriving at 0.8650 level we have mentioned to buy this pair due to breakout of ascending triangle and pair bounced almost 300 pips and it is not going to stop for the time being as it is making successively higher highs and higher lows. The bulls are controlling the game for the time being and it does not seems that they are going to lose grip from the market.Bulls are most likely to test the 0.9032 level first and then a valid breakout of this level will open the way towards the 0.9100 and 0.9250 level.

 

From technical point of view an uptrend line is also lying on the daily technical chart which is providing strenght to the bulls. This pair becomes too volatile and heading at 2018 year’s fresh high. Odds are in favor of bulls and we will keep our bias bullish on the pair as long as 0.8850 level remains intact. A bullish marabuzo candlestick above the moving average lines is supporting the bulls and generating bullish signal.

 

 

On daily chart we can observe that recently we have received a breakout of an asceding triangle on the daily chart which is generating bullish signal and we will get further bullish momentum once pair trades and settles above the 0.8970 level.Short term to intermediate term trend is up. A bullish crossover on MACD indicator is supporting the bulls.RSI is also favoring the bulls from positive territory. The  0.9000 level is a key resistance level followed by 0.9050 level whereas 0.8750 is a key support level followed by 0.8700 level.

 

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