July 27 , 2018
By analyzing the daily technical chart we can see that a strong rally in past couple of month but after arriving at 1.00 range bulls lost their momentum and afterwards we are witnessing many dead sessions. From mid of May month and till now we are witnessing choppy sessions as both bulls and bears are fighting. From technical prospective we can see that a symmetrical triangle price pattern has been formed on the chart and there is saying that a valid breakout on either side will give us new buy or sell signal.
Traders and investors are advised to sit aside for the time being as long as we see a valid move on either side. Overall odds are in favor of bulls and intraday bias remains neutral to bullish on pair as long as 0.9870 level remains intact. A daily closing below this level will give us confirmation of trend reversal and new signal for sell the pair. On contrary a daily closing above 1.0060 will open the way for bulls towards 1.0150 and it will be consider again as an energy booster for buyers.
The pair’s price action today seems to be driven by the market’s greenback valuation. Overall trend is bullish as long as an uptrend line is lying on the daily chart. RSI indicator is travelling in positive territory which is favoring the bulls and MACD indicator is also neutral to bullish signal for the time being.
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