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After the last two sessions of yesterday, the pair hasn’t been moving anywhere beyond 127.421 northwards nor even 127.172 on southwards.
Bears have been drifting in sideways, both leading and lagging indicators to substantiate. Thereby, we could understand that the momentary bulls have restrained potential maximum up to 127.604.
But prior to that it has rejected the resistances at 128.167 levels to form a gravestone doji pattern and pushed towards DMA curves on 4H chart. Bears have managed to slide below 21DMA after this gravestone pattern to support major downtrend, for now, the drag towards 127.604 seems more likely, the continuation of major trend can also not to be disregarded.
We are not isolating this signal on intraday charts, let’s have a glance on both leading and lagging oscillators on monthly terms that indicate selling pressures.
The current prices have consistently remained below EMAs from the last couple of months, so the downtrend would likely continue in the medium run.
Selling momentum is intensified as we can make out from the leading oscillators converging downwards along with the dipping prices.
While RSI (14) converging to the dipping prices even below 40 level that signals the strength in selling interests.
Stochastic oscillators have reached oversold territory but no convincing %k crossover is seen, instead intensified selling momentum is observed.
MACD evidences bearish convergence below zero levels that signify the sentiments of ongoing downtrend extension.
Trade tips:
Well, as the momentum in short-term upswings is reduced and momentum indicators do not signal any dramatic movements, considering the prevailing trend at spot ref: 127.286 it is wise to deploy digital tunnel spread which is the binary edition of debit put spreads. Thus, captures rallies to add longs in binary puts near 127.604 while shorting 127.405 binary puts which is out of the money.
