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Chart pattern formed- rising channel and Dragonfly doji appears exactly at channel baseline.
Most noticeably, as and when this pattern occurs, bulls bounce back after testing channel support, current prices still below DMAs. For today, the prices are held strongly and moving in sideways exactly at this channel support.
The major supports are observed at 132.016 and 131.415 levels, and the bears are now attempting to break below this level, for now, the momentum has been indecisive on both bullish as well as bearish side.
On a broader perspective, bull swings in the consolidation phase have gone above 50% Fibonacci retracement levels but restrained below 61.8%, momentum oscillators on this timeframe have been indecisive & the trend indicators are bulls' favor.
Momentum study: In the short run, as both leading oscillators (RSI & stochastic curves) are converging to the ongoing price slumps, the strength and the momentum in this selling sentiments are confirmed. While these indicators are signaling overbought pressures on monthly terms.
Trend indicators: MACD on daily terms has been indecisive, however the same has been displaying bullish crossover to signal uptrend continuation, which means overall major trend would be in the consolidation phase with minor hiccups in the short term trend.
Trade tips: On trading perspective, it is advisable to buy boundary binaries with upper strikes at 132.510 and lower strikes at 131.415 levels, the strategy is likely to fetch leveraged yields as long as underlying spot FX remains within these strikes on or before the binary expiry duration.
Currency Strength Index: FxWirePro's hourly EUR spot index is flashing at -33 levels (which is bearish), while hourly JPY spot index was at shy above 121 (bullish) while articulating at 09:07 GMT. For more details on the index, please refer below weblink:
http://www.fxwirepro.com/currencyindex.
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