Apparently, it has tested channel line support at 0.9616 however, the price bounces from here onwards seems quite unlikely as there is no substantial confirmation from any other indicators or price patterns.
The oscillator is a clear downward convergence with the steep declining prices (currently, 14 is trending at 36.3670 while articulating).
While no signs of buying interest on slow curve as there is no clear %K line crossover even below oversold territory.
We reckon that current spot FX slipping below both 21 & 7DMAs that would likely to drag more slumps up to 0.9452 areas. Currently, 21DMA has crossed over 7DMA which is still a sell signal.
Although, on both EOD and weekly charts channel support is seen, it still signals selling pressures that would stay sideway or drag down further.
Huge build ups on declining prices is still a red flag.
Hence, we cannot afford to jump the guns and get bull trapped without any clear signal, we are not ready to buck this trend at this juncture, even though there is any abrupt price bounces, you don't need to be panicky.
On speculation basis we recommend buying one touch binary vega puts in order to derive maximum leverage benefits. By employing these one touch ATM binary vega puts one can target for 25-30 pips in spot Fx movements through which the returns can be multiplied by twice, thrice or even pour returns unimaginably. But do remember this call is strictly on speculative grounds.