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Chart and candlestick pattern formed -
Bearish RSI divergence since March’2017 (refer monthly chart).
The bulls struggle for momentum despite the breaking-out stiff resistance of 131.415 levels (daily plotting).
Hammer pattern candles have occurred at 131.399 and 131.659 levels (daily plotting).
These bullish patterns have taken off the rallies ever since then but restrained below DMAs (daily plotting).
For now, the shooting stars counter-rallies, while both leading indicators still signal selling pressures (refer daily plotting).
The consolidation phase breaches 61.8% Fibonacci retracements but could not sustain, hanging man patterns appear at this stiff resistance zone to signal the previous uptrend seems to be exhausted.
Consequently, these bearish patterns signal weakness as the leading oscillators indicate overbought pressures while lagging indicators are yet to confirm this bearish indication.
One can easily make out the RSI evidences the bearish divergence to the price rallies so far, while fast stochastic curves pop up with %D crossover to signal intensified selling momentum.
Momentum oscillators on both timeframes have been indecisive but pop up overbought pressures, whereas the trend indicators on major trend are still bulls' favor.
Trade tips: On trading perspective, it is advisable to buy boundary binaries using upper strikes at 132.340 and lower strikes at 131.659 levels, the strategy is likely to fetch leveraged yields as long as underlying spot FX remains between these two strikes before the binary expiry duration.
Currency Strength Index: FxWirePro's hourly EUR spot index is flashing at 45 levels (which is bullish), while hourly JPY spot index was at 102 (highly bullish) while articulating at 07:46 GMT. For more details on the index, please refer below weblink:
http://www.fxwirepro.com/currencyindex
The above indices are also conducive to our binary options strategy.
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