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Although EURUSD spiked from trendline support at 1.0352 levels, it has been struggling to bounce further above 7DMA levels (see daily chart), that is where a shooting star pattern has occurred at 1.0434 levels. As a result, we could see the price has been drifting in sideway trend.
Please be noted the price behavior in short and medium term trend, price decline has been sliding through sloping trendline on both daily and weekly plottings. The current prices are well below 7SMA level.
Immediate resistance is seen at 1.0485 levels and immediate support is seen at 1.0428 and 1.0396 levels.
RSI remains near oversold territory and still indicates downward convergence to the prevailing declining prices with convincing strength in declining trend.
Stochastic curves also remain below oversold zone but still signals indecisiveness as there are no convincing traces of %K crossover.
MACD’s bearish crossover indicates more slumps on cards.
It is wise to snap rallies to deploy fresh shorts as you see no traces of indications of robust uptrend for now, instead trace out selling momentum and bearish crossover on SMAs.
It is just 110 pips away from 13-year lows (i.e. 1.0334 of Jan’2013). But we advise not to jump the guns with any abrupt upswings; don’t get panicky, see for there is any substantiation from any other indicators? Compare the prevailing upswings with the major trend.
Snap rallies to deploy shorts as no traces of indications of uptrend, instead trace out selling momentum and bearish crossover on SMAs.
Most importannlty, please be noted tha the massive volumes formation on declining prices, it is well in conformity to the bearish trend.
The trend for the day has been very narrow range, hence, it is good to speculate this pair via boundary binary options.
For an intraday trading perspective, buying boundary binaries would give leveraging effects despite the narrow range persistence; keep upper strikes at 1.0485 and lower strikes at 1.0428.
