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Although the minor trend of EURUSD manages to bounce back above 7 & 21SMAs (refer 2H chart), the current prices have been lingering in sideways. In this process, bullish engulfing pattern candle has occurred at 1.2403 levels, despite this bullish pattern leading oscillators to signal overbought pressures.
For now, the upswings are likely to extend further maximum upto 1.2473 and expect downside potential upto 1.2450 levels in near-term trend.
Well, from a broader perspective, bulls in the major trend spike well above EMAs, buying sentiments so far have been well supportive of both leading as well as lagging indicators. The bullish signal is not observed in an isolation as both momentum & trend indicators still signal strength in the uptrend.
The technical study should always be substantiated by supportive calls.
The bulls of this pair have been lingering at 3-years highs after testing supports at 7EMAs to bounce back, for now, the rallies seem to be extending further upon bullish EMA and MACD crossover.
Capitalizing on the prevailing buying sentiments coupled with rising IVs, this is the right time to bid boundary binary options strategy, using upper strikes at 1.2473 and lower strikes at 1.2450 levels.
Currency Strength Index: FxWirePro's hourly EUR spot index is trending higher towards 29 levels (which is bullish) ahead of today’s data announcement of euro area trade balance and US unemployment claims, while hourly USD spot index was at a tad below -84 (highly bearish) at the time of articulating (at 05:57 GMT). For more details on the index, please refer below weblink:
http://www.fxwirepro.com/currencyindex.
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