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EURUSD minor trend has been drifting in sideways today, while the upswings restrained below 7DMAs, more slumps on cards as shooting star appeared at 1.2410 levels signals weakness in this pair.
The trend continues weaker as upswings restrained below 7DMAs, more slumps to form the triple top pattern which is bearish in nature while leading oscillators converge downwards to the trend indicators.
The pair forms top 1 at 1.2538, top 2 at 1.2555, top 3 at 1.2446 and neckline at around 1.2206 levels (refer daily chart).
Any breach of strong support at 1.2265 and neckline as stated above, more price dips are likely to extend further as the current prices slid below 7DMAs and momentum tilting towards bears.
We had already raised the cause of attention that the trend indicators (DMA and MACD) were due to confirm the previous buying sentiment, we now still reiterate that these indicators still evidence curved bearish crossovers that signal weakness in this pair.
While leading oscillators (RSI & stochastic curves) indicate the faded strength in the previous mild upswings.
On the broader perspectives, the hanging man and back-to-back shooting star patterns have occurred at 1.2316, 1.2303 and 1.2287 levels respectively to hamper previous bullish momentum (refer weekly plotting).
While both leading & lagging indicators signal indecisiveness in the uptrend and moved slightly in bears’ favor (weekly plotting).
Hence, at spot reference: 1.2297 levels, contemplating bearish sentiments in minor trend and abrupt upswings on intraday terms, on trading perspective, it is advisable to buy tunnel spread binary options strategy using upper strikes at 1.2342 and lower strikes at 1.2265 levels. Thereby, the intraday traders can speculate between upward targets about 40-45 pips on north and 30-35 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.
Currency Strength Index: FxWirePro's hourly EUR spot index is displaying shy above -30 levels (which is bearish). While hourly USD spot index was inching towards 21 (mildly bullish) while articulating (at 10:55 GMT).
For more details on the index, please refer below weblink: http://www.fxwirepro.com/currencyindex
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