The major trend of this pair has been moving through , where it has formed the pattern.
Dragonfly candle occurred at 1.4064 level which is exactly at channel line support (refer monthly plotting).
As a result, the props up rallies, bulls attempt to break the resistance of 1.4378 (21EMA) and 1.4406 levels but formation and crossover to evidence more slumps.
In the short run, although bulls have managed to create a fresh high of 1.4598 levels, the trend has been back into the range that has lasted longer since November 2016.
As the current prices have slid below DMAs and from prevailing selling momentum it appears to be continuing streaks as the both leading and lagging indicators are still favoring environment.
Intraday sentiments have been bias, current price potentially seems to be crossing below 21DMA.
We could also see the vigorous momentum taking place again from last couple of hours in these slumps as both leading oscillators are converging downwards to these slumps on intraday charts as well, this 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 calls 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.