The upswings of this pair in the beginning of this week were not able to break and sustain above 21DMA levels where it has tested resistance several times in the past.
Prior to this, the pair has formed formation on both daily as well as monthly terms.
On daily – with top 1 at 1.4361 levels, and top 2 at 1.4308 levels.
On monthly – with top 1 at 1.5586 levels, top 2 at 1.6105 levels.
As a result of this the current prices have gone below DMAs and EMAs again, you could also observe crossover on monthly charts.
The pattern is occurred between and is taking support at channel baseline.
Can bears manage to break below strong support @ 1.3962?
Any break below may drag the slumps up to next strong supports of 1.3387 levels.
Failure swings below this level can be conducive of the major downtrend and the retest of 2015 lows of 1.2989 levels can also not to be disregarded.
From prevailing selling momentum, it appears to be continuing streaks as the both leading and lagging indicators are still favoring environment (so, potentially immediate supports of 1.3962 seems to be more likely).
Intraday sentiments have been bias, potentially 21DMA seems to be crossing over 7DMA again at this juncture which is the signal.
This stance can even be coupled with MACD's crossover on monthly charts.
Taking above technical reasoning into consideration, on an intraday trading perspective one touch binary puts are most conducive just to capitalize on prevailing momentum. While on hedging grounds adding shorts in mid-month contracts safeguard slumps in this underlying pair.