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Chart and candlestick patterns formed- Shooting stars and bearish engulfing pattern candlesticks pop up at stiff resistance of 1.6141 levels. Consequently, the prices are plummeted below DMA and more price dips seem to be on cards as 7DMA crosses below 21DMA (refer daily chart). While the technical indicators still seem to be bearish bias on this timeframe.
While intermediate trend spiking through rising channel pattern, the interim bulls test strong supports at 1.5836 levels & bulls have been travelling so far through the upward trend line, while both leading and lagging indicators still seem to be indecisive with some sort of overbought pressures on this timeframe.
Minor resistance are seen at 1.5955 and 1.6032 levels.
Major resistance is seen at 1.6141 levels.
Minor support is at 1.5836 and major strong supports are at 1.5585 level.
We’ve seen failure swings at stiff resistance at 1.6141 in the recent past. Substantiating to this, the bearish swings are shrugging off last Friday’s rallies upto 1.5898 levels that has plunged the prices below DMAs again today (refer daily chart).
But for today, no upside traction is backed by momentum oscillators but restrained below 7DMA levels in the bumpy ride, as a result, the current prices are drifting in sideways.
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).
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.
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 1.5955 levels and lower strikes at 1.5836 levels, the strategy is likely to fetch leveraged yields as long as the underlying spot remains between these two strikes on the expiration.
Currency Strength Index: FxWirePro's hourly EUR spot index has shown -65 (which is bearish), while hourly CAD spot index was at -13 (neutral) while articulating at 11:58 GMT. For more details on the index, please refer below weblink:
http://www.fxwirepro.com/currencyindex
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