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On the daily chart of EURGBP, shooting stars, gravestone doji & hanging man patterns have occurred at 0.8869, 0.8865, 0.8866 and 0.8878 levels respectively to hamper momentum in previous rallies that's gone above 7DMA.
As a result, the current trend goes non-directional, but the bearish sentiments are still not backed by both leading & lagging oscillators.
Stiff resistance is observed at 0.8984 and 0.9016 levels, while strong supports at
Medium term, a range between 0.8250 and 0.9032 is expected.
On a broader perspective, the prices are consolidating around the midpoint of the current 0.8730–0.9025 range even though the intra-day studies remain a little “overbought”, warning the upside is limited in the near term. We are watching the cross in conjunction with the key levels in the legs highlighted above.
Leading oscillators have been little indecisive, even though RSI shows strength on monthly terms.
In long-term, amid struggling for bullish momentum, we still risk a re-test and break of 0.9415 in the first instance and the 2008 highs at 0.9802. The decline through 0.9300 and 0.8800 decreased that risk, leaving us in the middle of the medium-term range. A break of 0.8250 reverses the risk completely.
Contemplating above shot term technical rationale, you can place trades to construct tunnel binary options spreads using upper strikes at 0.90 and lower strikes at 0.8857 levels, these leveraged instruments are likely to fetch magnified effects in payoff structure as long as underlying spot FX keeps dipping.
Currency Strength Index: FxWirePro's hourly EUR spot index has shown 95 (which is bullish), while hourly GBP spot index was at 88 (bullish) while articulating at 09:19 GMT. For more details on the index, please refer below weblink:
http://www.fxwirepro.com/currencyindex.
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