swings are getting active to evidence the weakness at this at this stage, that is where the leading oscillators signal selling pressures.
on weekly forms lower lows and is currently trending below 56 levels, while %D crossover above overbought trajectory is also a substantiating the weakness in this pair.
As a result we could now see the slumps from last two days and dropped back in the narrow range trend that lasted from 9 months or so.
Even if abruptly changes the direction and keeps spiking, the sustenance of the brief upswings seems unlikely above range resistance even though break out above resistance at 1.1011 (the resistance of sideway trend channel).
on monthly plotting hints the upcoming trend is likely to prolong in the same range. Long term FX investors may get good hedging arrangements capitalizing on this signal.
Intraday speculators can eye on boundary binaries keeping 1.0992 upper strike and 1.0954 as lower strike.
Nevertheless, short term bears can eye on shorts in near month for targets of 60-80 pips with stiff stop loss of 1.1015 levels.