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Shooting star has occurred at 1.4981 levels, the bearish pattern evidences slump below DMAs, the demand and supply zone at 1.4988 levels is seen several times in the recent past.
We foresee more weakness upon bearish DMA crossover, the dips upto next strong support at 1.4449 levels possible.
While leading oscillators are also signaling the intensified bearish momentum as both RSI and stochastic curves are converging downwards.
On a broader perspective, you could very well observe the major trend has been oscillating through rising channel. One could see as and when the prices touched channel baseline and top line, the price pattern behaves in an adverse way.
Dragonfly doji & hammer pops up exactly at channel support to evidence spikes, on the flip side, Shooting star & Gravestone doji have also occurred at channel resistance to counter.
In the previous month, shooting star followed by the bearish candles with the big real body has occurred, consequently, we’ve seen their bearish functionalities. While both RSI and stochastic curves are showing the downward convergence to the price slumps (refer monthly chart). This indicates the lingering bearish sentiments. The lagging indicators have been indecisive.
Hence, for today, we foresee weakness, next strong support is seen at 1.4493 levels and dips upto these level can be a favorite odd. At spot reference: 1.4539, bidding tunnel options spread with upper strikes at 1.4625 levels (i.e. about northward 80-100 pips) and lower strikes at 1.4449 (90-100 pips), the strategy would likely fetch us handsome yields with magnified effects.
Currency Strength Index: FxWirePro's hourly EUR spot index has stuck -5 (which is neutral), while hourly CAD spot index was at 170 (extremely bullish) at 11:34 GMT. For more details on the index, please refer below weblink:
http://www.fxwirepro.com/currencyindex.
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