This week, the pair takes support at 73.597 levels to bounce back, but stiff resistance seen at 74.871 marks, encourage the short environment but the major downtrend should not be ruled out.
The current price is showing strength in sideway trend, break & sustenance above resistance may extend rallies on weekly terms.
We don’t see any dramatic spikes above 75.687 in near term (i.e. next major resistance).
The current price has spiked above 7SMA and more rallies likely as healthy buying momentum is observed leading oscillators (observe weekly plotting).
and indicate that the buying momentum remains intact despite the stiff resistance is hindering the upswings.
In recent months, the major downtrend goes in whipsaws, testing 7EMA as a resistance; you can get to see the price behavior of this pair upon breach of these levels.
on weekly, signals extension of swings but remains below zero levels which means even though short-term bulls are on the cards, while bears may resume at any time.
Most importantly, the massive volumes during this whipsaws pattern may bring in consolidation in prices of this pair.
Hence, considering above technical indications we could foresee short terms extension of upswings and consolidation form further in medium terms.
Buy one touch binary calls on the intraday speculative basis for targets of 75.687 levels, thereby, when the trades fetch you the anticipated outcomes, then one can add on leveraging touch minimum 8-10 times more than spot trades.
Alternatively, stay long in near-month for the targets of 76.840 levels with strict stop loss of 74.847 levels.