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The pair forms the double top pattern with top 1 at 1.5227 and top 2 at 1.5075 levels.
The today’s rallies seem to be unlikely to sustain, and hence, use them for fresh shorts build ups as the bears manage to breach below the neckline (daily chart).
To substantiate this bearish stance both lagging indicators are signaling extension of downswings.
7DMA crosses below 21DMA which is a bearish DMA crossover, while MACD is entering below zero levels with bearish crossover. Hence, it is deemed that the bearish trend to prolong further.
Well, on broader perspectives, when the pair tumbled from the 2015 peaks of 1.6585 to the current 1.4538 levels, you could very well observe that the price behavior has been sliding in the sloping channel pattern.
Ever since the pair rejected stiff channel resistance levels at around 1.5075 levels, historically, steep dips are observed as and when it has shown failure swings at this juncture (refer weekly chart).
While both leading and lagging oscillators on both daily as well as weekly terms indicate the intensified bearish momentum by converging downwards to the ongoing price dips.
RSI: Currently, RSI (14) has been clearly converging downwards to the prevailing price slumps that signal the strength in selling sentiments. Same has been the case on weekly terms.
Stochastic: This leading oscillator has approached oversold territory but there are no traces of clear %k crossover which means no bullish interests are generated.
Having said that, overall the major trend gains selling traction sliding below 21EMA levels.
Trading tips:
Contemplating above bearish sentiments, on both trading and hedging grounds, capitalizing on prevailing rallies it is advisable to stay short in futures contracts of mid-month tenors with a view to arresting downside risks in the underlying spot movements.
Currency Strength Index: FxWirePro's hourly EUR spot index has turned into 64 (which is bullish), while hourly AUD spot index was at 41 (which is mildly bullish) at 09:30 GMT. For more details on the index, please refer below weblink:
http://www.fxwirepro.com/currencyindex.
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