As you can clearly observe it has been consistently drifting through sloping channel testing 7DMA as a stiff resistance. The current prices have been well below DMAs.
21DMA has crossed over 7DMA which is again a sell signal.
While the leading oscillators converge to the on-going price dips.
at this juncture is converging dipping prices below 35 levels, while curves have reached below 20 but traces of %K crossover, which means that sentiments are intensified.
On broader perspectives, this pair looks quite weaker ever since it has broken strong supports at 106.618 levels. Earlier also we traced long legged at 112.554 levels that is where 21DMA crosses over 7DMA.
Leading indicators on the monthly chart, shows downward convergence to every dip in prices.
An attempt of %K crossover below oversold zone was suppressed by bears again, as well as in the last week because volumes began shrinking away while prices attempt to bounce and there is no substantiation from other indicators.
ON the other hand, Japan produced the disappointing numbers of manufacturing index, actual -11.1 versus forecasts -2.1.
As a result, you can make out from the intraday charts, the prices have been in the range (106.844 and 105.739) but Fed’s potential deferral is leading every weakness in this pair that would drag more below lower range.
Keeping this trend in mind we reckon, irrespective of the swings boundary binary options would fetch certain yields using the above boundaries in the binary strategy.