The Currency Pair has formed a Rounding Bottom at lower level making it a strong support.

The Pair is respecting the Resistance zone and small retracement is seen forming a strong Resistance zone. Pair closing above the resistance zone with 1day confirmation would be a buying opportunity in the pair.

Currently the pair is trading near the EMA, Pair closing above EMA and Resistance will be a strong confirmation for buying.

RSI is following the price and is expected to do so, If RSI trades above 78 avoid going long on the breakout. Wait for the retracement to enter long.

Advice : Buy only if following conditions are fulfilled.

Rounding Bottom

Mar 08 2023