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EUR/USD Retraces After 1.1555 Peak: Technical Levels Point to 1.1600 
EURUSD rallies are spiking above 7DMAs since yesterday but remain below 21DMA levels, for now, more upswings seem dubious as both trend indicators (DMA and MACD) show bearish crossovers (refer daily plotting), while bullish momentum is not convincing (refer daily chart).
The pair in the recent past has formed back-to-back shooting star patterns at 1.2303, 1.2287, 1.2320, 1.2329 & 1.2285 levels and hanging man patterns at 1.2316 levels on weekly plotting. The intermediate trend that was oscillating between the tight range of 1.2223 and 1.2545 levels but for now, bears have managed to break below this range with bearish EMA & MACD crossovers (refer weekly chart).
Well, the current price slides way below 21EMA on this timeframe despite today’s rallies, both leading oscillators signal weakness and the lagging indicators indicate downswings to prolong further.
RSI and stochastic curves have shown downward convergence that indicates the strength and intensified bearish momentum on weekly terms.
On a broader perspective, the major trend has again turned into bearish again and on the verge of hitting six months lows.
Hence, at spot reference: 1.1682 levels, contemplating above technical rationale, on trading grounds, it is advisable to buy boundary binary options strategy, using strikes at 1.1750 levels and lower strikes at 1.1607 are advocated. Yields are certain as long as the underlying spot FX remains between these two strikes on expiration.
Alternatively, shorting futures contracts of near month tenors are also advisable with a view to arresting potential slumps.
Currency Strength Index: FxWirePro's hourly EUR spot index is displaying shy above 114 levels (which is bullish). While hourly USD spot index was inching towards -118 (bearish) while articulating (at 06:03 GMT).
For more details on the index, please refer below weblink: http://www.fxwirepro.com/currencyindex
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