A Shooting star pattern is traced out exactly at 1.0749 levels while breaking supports at 1.0750 levels.

The current prices have consistently slid below DMAs and they are slipping through 7DMA.

Watch out for more bearish potential upon breach below important this support at 1.0750 levels considering 7DMA as its immediate resistance.

7DMA crosses way below 21DMA which is interpreted as no signs of immediate recoveries, instead expect either sideways or drift below.

Daily RSI is converging clearly to the declining prices approaching near oversold region, while slow stochastic curves have reached oversold region but still no signs of recoveries.

For today, though the prices have bounced a bit, we see no significant indications of momentum in rallies by leading oscillators.

Lagging indicators are also substantiating the same view.

MACD evidences bearish crossover and has just entered into zero level which is again a bears’ zone.

Same is the case on monthly plotting, we see no deviation from daily analysis, major trend is moving in sideways to slightly weaker.

You can now see 7EMA crossing below 21EMA to drop below EMAs with considerable volumes creation. Leading oscillators on weekly are indicative of weakness in this pair.

Trade Tips: 

On intraday terms, as the momentary bulls are evidencing minor upswings, use these deceptive rallies by buying the option tunnel using ATM puts is structured as a binary version of a conventional put spread, i.e. long delta puts with higher strikes while writing the lower strikes for above mentioned targets on either side.

Therefore an In-The-Money tunnel would be formed of an In-the-money -0.72 delta put below the current exchange rate less an Out-Of-The-Money put above the exchange rate. The delta of -0.55 on combined position with slightly negative theta is preferred on this execution.