June 12 , 2018
By looking at the daily technical chart we can see that overall pair is trading and moving in an uptrend line and and uptrend line is lying on the chart. In the last week we have seen that pair declined to 108.04 level. By applying the fibonacci retracement line we can see that it retraced 50% level and now again bulls are heading towards the north side. So traders and investors are advised that it is second opportunity to buy the pair those who have missed earlier.
It is just a starting we will get further bullish signal above 111.40 level. A valid breakout of 111.40 level which is a previous swing’s high, will open the way towards the 112.50 and 113.20 level in short term. The recent bullish marabuzo candlestick with piercing pattern has supported the bullish sentiments for the time being.
US inflation figures for the month of May will be out today along with the Trump-Kim meeting. Further out, the FOMC meeting is due on Wednesday seconded by May’s Retail Sales. In Japan, the BOJ meeting on Friday is expected to remain a ‘non-event’, as per usual.
Presently pair is trading above all the major and minor moving averages and heading north side. Odds are in favor of bulls and we will keep our bias bullish on the pair as long as 108 level remains intact. MACD indicator is overlapping with histogram but one bulls will start their ride it will definitely support the bulls. RSI is also supporting the bulls from the positive territory. The 112.50 level could be seen as immediate resistance level followed by 113.50 level whereas 108.50 level is strong key support level followed by 107.50.