Daily and Weekly charts are still popping up selling signals in this pair that may slide down again after testing channel supports at 0.9711 levels.

As shown on the daily charts, as the pair seems unlikely to break and sustain 0.9861 after rejecting today's highs at 0.9848 and dropping back to current levels of 0.9833, for now most probable downside potential on cards as lagging indicators confirm the downtrend but oscillators converge to the price declines but slightly puzzles with indecision at current juncture.

We reckon even though minor upswings attempting to reach resistance the spot FX has been well below 21DMA and 7DMA that would indicate it is likely to drag more slumps up to channel supports again at 0.9711 when you evaluate this sloping trend with moving averages, 21DMA crossing over 7DMA would mean that prevailing downtrend to prolong further.

The RSI oscillator signals clear selling continuation as there exists a clear downward convergence with the steep declining prices.

Slow stochastic curve also shows timely convergence to the price curve as and when it spikes and dips but for now puzzles with %K line crossover has been traced out at 20 levels which is an oversold region.

On speculation basis we recommend buying one touch binary vega calls in order to derive maximum leverage benefits taking intraday upswing benefits. By employing these ATM binary vega calls pour returns unimaginably than spot FX positions. However, do remember this call is strictly on speculative grounds.

The prime merits of such one touch option are high yields during high volatility plays, so one can use spreads as well when IV picks up during US sessions. Usually, such binary options for every change in 1 pip the relative change in option price 0.01% or even exponential at high implied volatility times.

However, on a long term hedging perspective, debit put spreads are advocated as the selling indications are piling up on weekly graph. So buying 1M (1%) In The Money delta puts blocks potential slump and sell an 3D (1%) Out Of The Money put option with positive theta value is recommended to reduce the cost of hedging by financing this long position.