Bulls manage to break out above major resistances of 113.946, 116.250, & 121.526, Current upswings consistently well above DMAs and sustain above these levels would take us to the newer heights.

Rallies likely to extend upto 125.444 on bullish DMA crossover (7SMA crosses over 21SMA which is a bullish crossover), the major trend appears to be in the consolidation phase.

The extension of rallies seems most likely as both leading indicators at this juncture indicate intensified bullish momentum and lagging oscillators substantiate the uptrend.

Currently, on weekly plotting RSI (14) converging above 63 levels (while articulating) to the rallies that signal the strength in uptrend, while stochastic curves are indecisive at overbought zones but bull momentum likely to prolong.

MACD and moving averages on this timeframe are indicative to the bull trend to prolong; as a result, bulls would be gaining traction in their buying interest amid rising prices.

Well, the current upswings in major trend (see monthly charting) test strong support at 113.401 but below EMAs and major downtrend drifting into sideways to mild upswings.

This pair is bullish bias in short run but seems to have given up the momentum in recent gains at resistances at 7 & 21 EMAs to push further downside.

As stated earlier in our long-term trend analysis, it cannot be deemed as the reversal pattern as the trend goes in consolidation phase from last 4-5 months, wait for the better clarity from the technical indicators to signal the long term trend reversal.

But for today, since the short-term trend is going in sideways, we see speculative opportunities in boundary binary options.

For intraday trading perspective, it is advisable to buy boundary binaries on dips upper strikes at 123.104 and lower strikes at 121.860.

This strategy is likely to fetch leveraged yields than spot FX as long as underlying spot remains between the two strikes.