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The double top formation is spotted out on EURUSD daily chart, while bears heading for a test of support at neckline.
The pair forms top 1 at 1.2538, top 2 at 1.2555 and neckline at around 1.2206 levels.
Upon breach below the neckline, the price slumps are likely to extend further as current prices slide well below DMAs with bearish crossovers & intensified bearish momentum.
Trend indicators (DMA and MACD) evidence bearish crossovers that signal downswings to prolong further in the days to come.
While leading oscillators (RSI & stochastic curves) show downward convergence constantly that indicates the strength and the intensified momentum in the prevailing selling sentiments.
On the contrary, the bulls spike well above EMAs hits 3y highs (monthly plotting), however, unable to sustain these levels, while both leading & lagging indicators on this timeframe signal strength in the uptrend.
At spot reference: 1.2238 levels, contemplating bearish sentiment on intraday terms, on trading perspective, it is advisable to buy tunnel spreads using upper strikes at 1.2250 and lower strikes at 1.2180 levels. Thereby, the intraday speculators can eye on southward targets about 50-70 pips. The strategy is likely to fetch leveraged yields as long as underlying spot FX keeps dipping but well above lower strike before the binary expiry duration.
Alternatively, at the same spot levels, we advocate arresting bullish risks by initiating longs in futures contracts of mid-month expiries by keeping a strict stop loss at around 1.1982 levels.
Currency Strength Index: FxWirePro's hourly EUR spot index is displaying shy above -30 levels (which is bearish). While hourly USD spot index was inching towards 71 (bullish) while articulating (at 07:33 GMT).
For more details on the index, please refer below weblink: http://www.fxwirepro.com/currencyindex
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