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Chart and candlestick patterns formed- Rising channel pattern, shooting stars and hammer pattern candlesticks at channel resistance and support respectively on monthly plotting, interim bulls test support at 21DMA & upward trend line, while the technical indicators still seem to be indecisive on this timeframe.
Minor resistances are seen at 1.6060 and 1.6141 levels.
Major resistance is seen at 1.6303 levels.
Minor support is at 1.5923 (i.e. 21DMA levels) and major strong supports are at 1.5585 level.
We’ve seen failure swings at stiff resistance at 1.6141 in the recent past. Contrary to this, the bullish rallies are shrugging off last Friday’s stern engulfing pattern at 1.60 levels that have plunged the prices below DMAs (refer daily chart).
In the recent past, huge volatile price actions are observed but for now, upside traction is backed by hammer patterns again at 21DMA levels in the bumpy ride.
Please be noted that the major trend has resumed bullish phase especially after the occurrences of hammer pattern candles in the recent months (last July and September).
Well, for now, the supports in interim trend are observed at 1.5923 levels (i.e. 21DMA), and any break below these levels can only be seen as the bearish sentiment which seems unlikely.
On the flip side, the stiff resistance is observed at 1.6141 levels, the major term bullish sentiments are backed up by both leading and lagging oscillators.
RSI and stochastic curves are converging upwards. While both lagging indicators signal extension of the uptrend.
Trade tips: Contemplating above technical rationale, on trading perspective, it is advisable to buy boundary binary option strategy for upside targets upto next stiff resistance of 1.6141 levels and lower strikes at 1.5923 levels, the strategy is likely to fetch leveraged yields as long as the underlying spot remains between these two strikes on the expiration.
On hedging grounds, aggressive bulls can initiate longs in futures contracts of mid-month tenors.
Currency Strength Index: FxWirePro's hourly EUR spot index has shown 51 (which is bullish), while hourly CAD spot index was at -32 (bearish) while articulating at 11:18 GMT. For more details on the index, please refer below weblink:
http://www.fxwirepro.com/currencyindex
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