On intraday charts (4H charts), despite the upswings in the last couple of trading sessions, we traced out a long legged pattern at 1.0836 levels after testing resistance at this juncture in the recent times that evidences the weakness again in this pair.
The current swings are drifting into whipsaws pattern. Consequently, it is spotted out that the divergence between price curve and leading oscillators.
Contemplating the previous upswings and ongoing whipsaws, we could foresee some price dips in the near term.
On the flip side, we could now see the attempts of spikes pushing above 7SMA after taking support at 1.0837 levels but drifting in narrow range trend.
On monthly plotting, the trend has been very much in the range that has lasted almost more than a year or so.
Last three months have been favorable to the bulls of this pair that have managed to spike above 7EMA to make highs of 1.10009 levels, but in October month, these upswings are wane-out and tumbled below 7EMA again so as to prolong the non-directional trend.
and stochs of this timeframe signal selling interests, while weekly signals this prolonged range.
For the daily trading, tunnel spreads are best suitable considering intraday technical indications. So, snap the rallies to deploy higher strikes in the binary puts while shorting lower strikes simultaneously.