July 20 , 2018
In our last report in the first week of July we have mentioned that buy this pair at 0.8650 level and we are expecting that readers have made smart earning from this fabulous rally as it has arrived at 0.8950 level. This pair becomes too volatile at there is choppy sessions in EUR/USD or GBP//USD. This pair is known for hedge pair. Well pair is making highers highs and higher lows on the daily technical chart and arrived at 0.8950 level which is a key resistance level.
Now the question is will the pair receive supply pressure due to strong resistance level or we will see a strong demand as pair is in pure bullish momentum. Well time will show us the real picture but we will keep our bias bullish on the pair as long as 0.8850 level remains intact and odds are in favor of bulls. We are expecting a bullish breakout of the resistance level and a valid breakout of mentioned level will open the door towards the 0.9082 and many more levels.
The recent candles are full of bullish momentum and indicating further bullish signal and presently pair is trading above all major and minor EMA lines. From technical prospective 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 above the 0.8970 level which is a strong make or break level. The traders and investors are advised to wait for the valid breakout resistance line.
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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