The pair forms pattern on monthly chart at 78.897 levels amid major but this should not be isolated as there is no confirmation, but, yes daily and intraday sentiments have been .
Let’s just have a glance on 4-hourly charts for major pivotal technical points:
Rallies supported by baseline and 7SMA and momentum signaled by leading oscillators.
The pair has jumped till 79.209 yesterday but could not sustain that level; bulls have resumed again today to take over yesterday’s rallies. It is currently trading at 79.021.
Major support – 78.9100 (4H-7SMA).
Major resistance - 79.209 (Yesterdays highs).
Short term trend is likely to remain as long as support 78.91 and 78.639 sustains decisively.
Both leading indicators are converging to these prevailing price rallies, is trending above 62 levels, while curves evidence momentum as they show %K crossover. Current prices are consistently rising above SMAs.
On the higher side, we could foresee 79.209 levels realizing the ongoing momentum.
On the contrary, the short-term weakness is seen only break below 78.639 mark.
Hence, it is good to initiate longs in digital calls for the TP of 79.209 for a magnifying effect in profitability.
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