The bearish crossover to evidence more slumps as current prices consistently remain below DMAs

The break below supports of 0.9517 signals bearish pressures, snap rallies to deploy fresh shorts.

Volume build-ups are mammoth on daily declining prices that are in conformity to the downtrend.

We see the strength in selling interest confirmed as RSI converging to the corresponding downswings.

While stochastic curves have been indecisive but indicate intensified selling momentum on monthly terms.

On monthly terms, Shooting star followed by hanging man has been traced at 0.9554 and 0.9587 levels respectively that threaten uptrend in medium trend.

Hence, we think the current prices jump above EMAs, and further upside potential is conditional on sustenance above at 0.9373 levels and the convincing signals from the leading and lagging oscillators. For now, we favor short term trend of this pair which is bearish at this juncture, consequently, we advocate debit put spreads of narrow tenors (1w3d) with strikes of 0.9517/0.9379.

1w ATM IVs are spiking above 14% which is good news for put option holders in prevailing downtrend scenario.