Considering previous downswings, despite whipsaws pattern the pair doesn't seem to evidence upswings as a shooting star appeared at 102.403 levels which is bearish in nature.
The trend has been moving in sideways as prices holding stronger at 101.747 levels.
Upside potential in the pair capped at channel resistances of 103.359, we see intraday sentiments are still bearish bias.
Downside likely to find support at 101.9136 mark (21DMA), a break below could see the retest of recent lows of 100 and below targets. Add fresh shorts below 21DMA as downswings may drag up to channel base.
On a broader perspective, major downtrend still remains intact as the price declines in the sloping channel. However, the downtrend holding stronger at supports of 100.389 with hammer pattern, as a result from last three months trend drifting in sideway.
The prevailing price dips are in conformity to leading & lagging indicators and massive volumes.
Trade tips:
Taking above technical reasoning into consideration, at spot reference: 102.430, it is good to short at every rally and when your research outcomes could be so certain to give leveraging effects to profitability use 'One touch binary puts' with OTM strikes for intraday targets at 101.747 levels.
The payoffs of such digital option have been conditional, if the pair, in this case, would hit the OTM strike price within any time period by the time of expiration, if the investor predicts correctly and the asset touches the strike price the option expires “in the money”.
