On the contrary, a potential breach of 0.6699 would determine short term rallies and 0.6826 mark as barrier for long term trend reversal.
Previous long term now moving in sideways which means bulls now holding stronger (see monthly charts, trend moving in sloping channel but for now holding stronger).
Despite the breach of channel line resistance once at 0.6828 levels in December, it has been sensing very stiff resistance at this juncture.
More notably, it is observed that during this sideway to attempts of price recovery stage, this price behaviour is substantiated by mammoth generation (see grey shaded areas),
The current price curve lingering 7DMA and resistance line, short term as well as long term bulls wait for a decisive breakout above 0.6699 on a closing basis.
shows positive convergence at 47.4552 levels on daily and 40.8520 on monthly, while same is the case with slow curve, crossover at oversold zone.
Well, overall what we are trying emphasize in this write up is that - Yes, we early got signal but never isolate a technical call, wait for conformation or clarity in this signal as the long lasting may bring in deceptive swings to wipe off your long term investments.
But the advice for short term aggressive bulls is that initiate longs for targets of 30-35 pips with strict SL of 0.6680-75.
But risk averse traders should wait for breach of 0.6699 to initiate longs, alternatively the trade strategy for such classes would be the boundary binary options on intraday speculation basis.
ITM strikes below 10-15 pips from current levels; OTM strikes above 30-35 pips.
The trading between these strikes would derive certain yields and these yields are exponential from spot FX.
Using binaries, the trader has the opportunity to speculate if an asset's price will stay within a confined price range for a certain period of time. Please be noted that this is exclusively on speculative grounds, should not be rolled over since there is significant economic event scheduled for tomorrow.