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The double top formation is spotted out on EURUSD daily chart, while bulls resume uptrend after testing support at neckline.
The pair forms top 1 at 1.2538, top 2 at 1.2555 and neckline at around 1.2206 levels.
Upon strong support above the neckline, as stated above, more price rallies are likely to extend further as the current prices spike above DMAs with bullish crossovers & intensified bullish momentum.
Trend indicators (DMA and MACD) are yet to confirm this buying sentiment, these indicators still evidence curved bearish crossovers that signal indecisiveness.
While leading oscillators (RSI & stochastic curves) show upward convergence that indicates the gaining strength at 42 levels and the intensified momentum in the prevailing buying sentiments.
To substantiate this bullish stance, the bulls spike well above EMAs hits 3y highs (monthly plotting), however, unable to sustain these levels, while both leading & lagging indicators on this timeframe signal strength in the uptrend.
At spot reference: 1.2339 levels, contemplating bullish sentiment on intraday terms, on trading perspective, it is advisable to buy one touch binary call using strikes at 1.2367. Thereby, the intraday speculators can eye on upward targets about 25-30 pips. The strategy is likely to fetch leveraged yields as long as underlying spot FX keeps flying before the binary expiry duration.
Alternatively, at the same spot levels, we advocate arresting bullish risks by initiating longs in futures contracts of mid-month expiries by keeping the strict stop loss at around 1.2206 levels.
Currency Strength Index: FxWirePro's hourly EUR spot index is displaying shy above 84 levels (which is bullish). While hourly USD spot index was inching towards -18 (bearish) while articulating (at 07:33 GMT).
For more details on the index, please refer below weblink: http://www.fxwirepro.com/currencyindex
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