The Currency pair had formed double bottom at lower level forming a strong support.

Breakout was given by the pattern and a retracement towards the breakout has been given by the pair. At the breakout level buyers came in action and bought the currency pair which led the pair to move upside towards the target.

The pair is taking support at Fast Ema and a crossover between Fast and Slow EMA indicates a short term long direction. Fast EMA is trending upside whereas Slow EMA is also trending upside indicating short term upside move. Prices are trading above the EMA's which indicate positive move, it is one of the strongest trading systems as per EMA.

The DI+ is trading above DI- which indicates positive direction. ADX is trading above DI- which suggests strength in upside move.

Advice : Buy a pair at CMP with Stop Loss below 1% of breakout level.

Double Bottom Breakout

Mar 03 2023