The rallies are shrugging off last Friday’s stern pattern at 1.5090 levels that have plunged the prices below DMAs . In the recent past, huge volatile price actions are observed but for now, upside traction is backed by leading oscillators in the bumpy ride.
Please be noted that the major trend has been drifting in non-directional phase bit with slightly upside traction is on especially after the recent occurrence of pattern candles in the recent months.
Well, for now, the supports in intermediate trend are observed at 1.4678 (i.e. 21DMA levels), and any break below these levels can only be seen as the sentiment which seems unlikely.
On the flip side, the stiff resistance is observed at 1.5145 levels, the short-term sentiments are backed up by both leading oscillators.
and curves are converging upwards. While both lagging indicators signal extension of the uptrend.
Trade tips: Contemplating above technical rationale, on trading perspective, it is advisable to buy double touch binary call for upside targets upto next stiff resistance of 1.5149 levels, the strategy is likely to fetch leveraged yields as the underlying spot most likely to retest on or before the expiry duration.
Currency Strength Index: FxWirePro's hourly EUR spot index has shown -64 (which is ), while hourly CAD spot index was at -108 (extremely ) while articulating at 13:24 GMT .