The first look of the chart shows that a rounding bottom pattern has been formed and a very balanced demand and supply is going on the chart. Well Bulls started the journey from the 74.77 level and marked a high of 82.00 level but after arriving at that level we have seen some correction and profit booking till 78.01 level where 50 day EMA line is providing support to move up again.
The bulls are rocking on the every time frame including daily, weekly and monthly chart where only bulls are traceable. Since starting of June month bulls are taking the charge and pair is rising up continuously from 78.00 to 80.54 level which is a massive bullish storm from intraday point of view. Also bulls managed to sustain above 80.00 level which is providing strength to the bulls.
Pair is making successively higher highs and higher lows on day to day basis. The way bulls are heading the north side it seems like they are trying to arrive 82.50 and 85.00 level in near term.
Technical Analysis: - From technical prospective we can see that a perfect cup and handle price pattern has been formed on the daily chart which is providing us bullish signal. Pair has given us valid breakout of the symmetric triangle which is providing us bullish signal and on 1st June it also breached a very strong resistance level of 78.20 which can’t be ignored and once again bulls are getting bounce from there so we can say that the resistance level is now reacting like a support level.