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EURUSD minor trend has shown failure swings at the stiff resistance of 1.2446 levels.
The resumption of bears with the failure swings at this stiff resistance evidences steep price slumps, consequently, the prices slid below DMAs.
At the same level, shooting star pop up in the recent past to signal weakness, for now, more dips seem to be on cards upon bearish DMA & MACD crossovers (refer daily plotting).
The price behavior has been jerky today as it goes in sideways, however, bears have been attempting to drag the slumps from yesterday’s close at 1.2277 levels.
So far, the trend continues to be weaker as upswings restrained below 7DMAs and the stiff resistance at 1.2413 levels, while both leading oscillators (RSI and stochastic curves) converge downwards to the ongoing price dips.
The minor trend has been weaker as both trend indicators show bearish crossovers. 7DMA crosses below 21DMA, while MACD also shows bearish crossover that indicates downswings to prolong further upto the next strong support 1.2199 levels.
On the flip side, in the broader perspectives, consolidation phase in the major trend of this pair has been bullish. Despite last two-three months struggle for healthy bullish momentum, the current prices are still well above EMAs with bullish EMA and MACD crossover on monthly terms.
Hence, at spot reference: 1.2271 levels, contemplating bearish sentiments in the minor trend, on trading grounds, it is advisable to buy tunnel spread. The binary options strategy using upper strikes at 1.23 and lower strikes at 1.2241 levels is advocated to participate in the bearish sentiments.
Thereby, the intraday traders can speculate between upward targets about 25-30 pips on north and 30 pips southwards. The strategy is likely to fetch leveraged yields as long as underlying spot FX keeps dipping but to remain above lower strikes on the binary expiration.
It is wise to use dips and add longs using forward contracts, we advocate adding longs in mid-month futures with a view to arresting upside risks.
Currency Strength Index: FxWirePro's hourly EUR spot index is displaying shy above -35 levels (which is bearish). While hourly USD spot index was inching towards 1 (absolutely neutral) while articulating (at 06:07 GMT).
For more details on the index, please refer below weblink: http://www.fxwirepro.com/currencyindex
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