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From last 6-8 months of consolidation pattern has been showing little spikes but hanging at channel resistance and at 7EMA.
We now emphasize "0.7259" (7DMA areas) as a strong support on the upswings as shown on the daily graph.
The intermediate bull trend is confirmed as 7DMA has crossed over 21DMA that signals buy, as a result we’ve seen bullish sentiments in this pair.
While both daily and monthly RSI are also converging to these upswings considering medium term perspectives. Same is the case on the stochastic curves, %K crossover ensures momentum in buying sentiments.
MACD is also substantiating this strength in bull trend on both daily and monthly charts.
Hence, contemplating this consolidation pattern, we think this pair is likely to drag the rallies up to 0.7428 levels in the medium run.
Well, for now, the advice for long-term investors is to go long in near month futures for the above targets.
But for the intraday speculative purpose, one can think one touch binary calls for a target of 30-40 pips.
