Although the pair is testing supports at 7DMA, we are seeing stiff resistance at 21DMA. Having said that, from last 6 days upswings are drifting through sideways but capped at around 1.74 levels.
Despite the attempts of last 2 weeks’ of upswings, the current prices have been well below 21DMA.
Whereas on the broader perspective, the major downtrend has evidenced the slumps more than 18%, dropped from the highs of 2.0949 to the current 1.7178 levels (see monthly charts).
21EMA has just crossed over 7EMA that signals the major downtrend likely to drag further southwards n medium run atleast.
Well, thereby the on-going sideway trend may slip and the bears may resume again as stiff resistance seen at 21DMA.
We don’t want to buck the major trend as the both leading and lagging indicators on monthly charts still converge the on-going slumps. MACD is also substantiating this bearish stance.
Hence, the intraday trend has been stiff but one can get benefitted from the boundary binary options as the RSI indicator suggests contraction in ongoing buying momentum.
Thus, it is good to buy boundary binary options by setting upper strikes anywhere below 1.7377 (21DMA) and lower strikes at 1.7135 (at 7DMA) for minimum targets of 60-80 pips on either side, use 1H expiries to fetch desired results.
Imagine you’re betting the underlying pair to confine between 60-80 pips, so the leveraging effects would be unimaginable, it would likely fetch twice, thrice or exponential returns than spot returns.
