The above retracement has been achieved after the formation of Gravestone (1.5584) and long legged at 1.5890.
Please be noted that we reiterate even though prices are showing little strength today, as it has failed to sustain 1.4756 (which is around areas), slid well below 10DMA curve to confirm the extension of long term .
More importantly, we get confirmation for continuation through rising volumes.
Leading oscillators on weekly and monthly charts are converging these sentiments.
curve is consistently trending below at 41.5754 which is in tandem with price drops.
While %D line crossover has been maintaining beautifully even below oversold trajectory (current %D is at around 5.3730 and %K is at 4.5585).
Overall now the pair is dropping for 1.4346 (76.4%) which is next significant Fibonacci juncture.
In our opinion on these technical reasoning, it is better to use any abrupt rallies after the for short build ups, stay calm with earlier ITM long puts and any minor upswings can be utilized OTM put writings.