Although the pair has tested the trendline supports at 1.6692. Despite the attempts of upswings, the current prices have well below DMAs.
More slumps are likely as there's indication for more bearish momentum, good to capture rallies for shorts.
Downtrend seems intact as the both leading and lagging indicators converge the ongoing slumps.
Convergence by leading oscillator (RSI) is traced out when prices were declining, so deceptive rallies would be deemed as the new opportunities for fresh shorts.
Slow stochastic curves have approached oversold trajectory and there’s no sign of %K crossover which means bears are still active with selling pressures.
The major bear trend seems robust after breaking supports at 1.7976 on weekly charts, massive volumes on declining trend and continue the major trend which is bearish.
Hence, the intraday trend has been bearish bias and one can get benefitted from one touch binary options as the leading indicators suggest enough substantiation in ongoing selling momentum.
Thus, it is good to buy one touch binary options for minimum targets of 40-50 pips, use 1H expiries to fetch desired results.
