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EURUSD minor trend goes sideways today, while the upswings restrained below 7DMAs, more slumps to form the triple top pattern (refer daily chart).
The double top formation is spotted out on this pair in daily plotting, while bulls resume uptrend after testing support at neckline. Bulls dragged rallies after testing support at neckline upto 1.2446 levels, that is where shooting star pattern has occurred and leading oscillators diverge from trend indicators.
The pair forms top 1 at 1.2538, top 2 at 1.2555, top 3 at 1.2446 and neckline at around 1.2206 levels.
Upon strong support above necklineas stated above, more price dips are likely to extend further as the current prices slid below 7DMAs.
We had already stated that the trend indicators (DMA and MACD) were due to confirm the previous buying sentiment, we now still reiterate that these indicators still evidence curved bearish crossovers that signal indecisiveness.
While leading oscillators (RSI & stochastic curves) indicate the fading strength in the prevailing mild buying sentiments.
On the broader perspectives, the bulls spike well above EMAs but shooting star & hanging man patterns are countering to hamper bullish momentum, but the pair is still near to 3y highs.
While both leading & lagging indicators signal indecisiveness in the uptrend and slightly in bears’ favor.
At spot reference: 1.2335 levels, contemplating bullish sentiment on intraday terms, on trading perspective, it is advisable to buy boundary binary strategy using upper strikes at 1.2363 and lower strikes at 1.2282 levels. Thereby, the intraday traders can speculate between upward targets about 25-30 pips and 50 pips southwards. The strategy is likely to fetch leveraged yields as long as underlying spot FX remains between these two strikes before the binary expiration.
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 1.2206 levels.
Currency Strength Index: FxWirePro's hourly EUR spot index is displaying shy above -6 levels (which is neutral). While hourly USD spot index was inching towards 0 (absolutely neutral) while articulating (at 12:04 GMT).
For more details on the index, please refer below weblink: http://www.fxwirepro.com/currencyindex
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