On weekly plotting, despite three weeks of upswings, we traced out a sharp gravestone pattern at 1.0836 levels that evidence the weakness again in this pair, as a result we may now see the slumps to continue, but in the narrow range trend.
The brief upswings are struggling even though bulls managed to break out above resistance at 1.0833.
This range has lasted almost for 10 months or so, while signals prolonged range.
But for now, the moment when it occurs “Gravestone Doji” pattern the pair has been drifting down.
The current price has been quite on monthly on monthly is currently trending steady, while has been indecisive.
Intraday speculators can eye on boundary binaries keeping 1.0930 upper bracket and 1.0833 as the lower bracket.
Those who wish to carry trades on delivery basis can also deploy below option strategy.
Initiate longs in 1 OTM Put and 1 ITM Put, while shorts in 2 ATM Puts, the strategy can be entered into net debit but with a reduced cost.
This spread likely to derive limited returns with the limited risk associated, one can enter into this trading strategy when the trader ponders over that the underlying spot FX would neither spike nor tumble much by expiration.