These patterns evidence the weakness again in this pair, as a result we now see the slumps dropping in the narrow range trend again.
The brief upswings were not sustained even though break out above resistance at 1.1016 and drop below the resistance of sideway trend channel.
The prevailing prices are slid below moving average curves.
Daily is making lower lows to signify the weakness at this juncture and on weekly is currently trending below 56.
While the attempts of %D crossover below 80s on also signal selling pressures.
Please be noted that this range has lasted almost for 6 months, but the moment when it breached the above mentioned Gravestone pattern is occurred. That is from where it's been drifting down.
But hints the upcoming trend is likely to prolong in the same range like we've been seeing from last 6 months. Long term FX investors may get good hedging arrangements capitalizing on this signal.
Intraday speculators can eye on one touch binary puts for targets of 25-30 pips.
Alternatively, short term bears can even prefer shorts in near month for targets of 100-150 pips with stiff stop loss of 1.1016.