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It has been struggling momentum for the streaks of consecutive rallies of last 4 months.
On 4H charts, we don’t encourage longs despite current minor upswings. Instead, we are slightly bearish bias due to following technical indications.
Upswings were rejected below stiff resistance at 1.1434 levels, current prices slid below 7SMAs, more slumps likely as momentum turns bearish.
The strength and momentum in previous rallies are totally faded away, and the breach and sustenance below 7SMA levels would likely resume more bearish rallies and target upto 1.1249 levels (i.e.21DMA). Otherwise, we bet upon mild upward targets towards 1.14 levels.
The FOMC meeting minutes today has been the center of attention for today, which provides in-depth insights into the economic and financial conditions that is likely to influence the vote on where to set interest rates.
RSI indicates stern bearish momentum on intraday terms and indecisiveness to the major trend but faded strength in previous upswings.
While same has been the case on stochastic curves, this leading oscillator has also been bearish bias but slightly indecisiveness, and bullish bias on monthly terms.
Overall, this month’s trading sessions so far have been bearish bias, the price dips are resumed that ensures long lasting range bounded trend.
Trade tips:
Since we foresee southward targets in Q2, adding shorts in futures contracts of near month expiries is advocated with a view to arresting bearish risks. While adding longs in futures contracts of far-months contracts are also advised simultaneously as Q4 is likely to show bounce back and these upside risks can be mitigated through long legs of far month tenors.
Currency Strength Index: FxWirePro's hourly EUR spot index is inching towards 36 levels (which is mildly bullish), while hourly USD spot index was at a tad below 42 (mildly bullish) at the time of articulating (at 07:03 GMT. For more details on the index, please refer below weblink:
http://www.fxwirepro.com/currencyindex.
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