Ever since the pair has shown a gap up pattern on 07/11 that has gone above DMAs, the current upswings have managed to break-out important resistances of 104.328, 105.529, 106.870 and currently attempting to break out above 111.063 levels, but for today the pair is sensing little bearish pressure at this juncture, however, don't expect steep slump, Capture dips to add longs.
RSI still signals strength in current buying interests, while Stochastic signals momentum in buying sentiments.
Same is the case with leading oscillators on monthly terms to confirm the buying momentum in major trend as both RSI and stochastic have been converging to the price upswings.
Most importantly, whipsaws pattern that has lasted for 4-5 months in the major downtrend now evidences upswings that go above 21EMA.
While MACD has been little indecisive.
For now, the trend has gained some traction for upside potential after bearish rout for almost 1 year or so, the prices are holding stronger at 111.063 levels.
After this whipsaws pattern for last four months, we now see convincing upswings that jump above DMAs and breach major resistances decisively as stated above, aggressive bulls in the short term could bet on further rallies while long-term investors should wait for a better clarity from the substantiation from the leading and lagging oscillators.
Trade tips:
On an intraday trading perspective, one touch binary call options are fairly suitable at this juncture for targets of 111.361 levels.
