EOD technical charts have shown down-streak has now continued from yesterday’s close at 0.7920 to the current 0.7908 levels slipping below 21DMA.
Break out below support at 0.7944 signals more pressures (channel base and 21DMA) current prices slid below DMAs and momentum is faded away as & converge to declines.
The convergence on is seen on as it is trending below 50 levels with a supportive signal from curve as %D line crossover near oversold zone.
As a result, we saw intraday sentiments and leading indicators fortify these downswings with downward convergence.
Well, on a broader perspectives, things seem like the euro continue to freezing its long lasting uptrend for about 5 months (see monthly charts) against sterling and losing streak now looks sturdy in early Asian trades today.
You could probably understand as the prices reached near 0.8083 levels (i.e. 61.8% Finonacci retracement levels), the pressure began again coupled with daily technical signals. Consequently, a likely candle is appeared at peaks.
While leading indicators on monthly have been indecisive but shows an attempt of crossover in overbought territory.
Although, has just begun with crossover, the lagging indicator remain zone , we cannot jump into the conclusion that it is a continuation.
These signals can be attributed as positive movers for those who expect price slumps; however closing figures should be crucial for long-term decision making.
On a swing trading perspective, it is smart to sell on rallies, we advocate buying binary delta puts for minimum targets of 20-25 pips.
Intraday charts sell signal caused by sharp candles with long real body and curve is also moving in convergence with dipping prices.