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Shooting star and long-legged doji pattern candles have occurred at 1.1811 and 1.1897 levels on EURUSD monthly and daily plotting respectively.
Consequently, bears have managed to plummet the prices in the consolidation phase of the major trend.
On the contrary, dragonfly doji pattern has occurred at 1.1769 levels to counter these bearish swings.
As a result, the pair resumes bull rallies today higher towards DMAs ever since the formation of this bullish candle (dragonfly doji), however, the strength in rallies are neither backed by leading oscillators nor by lagging indicators. Thereby, the momentum and trend are in favor of bears in short run.
While the consolidation phase seems to be slightly edgy amid lingering overbought pressures on monthly plotting.
On a broader perspective, the bull swings have managed to break range resistance, the rallies likely to drag only upon support at 7EMA.
While both lagging indicators (DMAs, EMAs & MACD) have also been signaling extension of the downtrend (refer daily terms).
Contemplating bullish sentiment on intraday terms, on trading perspective, it is advisable to buy one touch binary calls at spot reference: 1.1788 levels. The intraday speculators can eye on targets about 20-30 pips where we could see next stiff resistance at 1.1813 levels. The strategy is likely to fetch leveraged yields as long as underlying spot FX keeps spiking towards above-mentioned strike before the binary expiry duration.
Alternatively, at the same spot levels, we advocate arresting bullish risks by initiating longs in futures contracts of mid-month expiries by keeping the strict stop loss at around 1.1712 levels.
Currency Strength Index: FxWirePro's hourly EUR spot index is displaying shy above -51 levels (which is bearish). While hourly USD spot index was inching towards 55 (bullish) while articulating (at 07:45 GMT). For more details on the index, please refer below weblink:
http://www.fxwirepro.com/currencyindex.
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