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You could observe yesterday's bull candle with a big real body and downward tail that resembles like a bullish engulfing candle pattern at 1.0825 levels.
Even though we missed out this pattern, ever since the pair tested the supports at 1.0684 levels, bulls also supported by momentum break-out above the major resistances of 1.0728, 1.0751, 1.0794, & now heading for breach of 1.0842 levels.
The bull swings are now intensified cushioned by the healthy buying momentum as RSI converging above 61 levels with these upswings that indicate the strength in the bullish trend.
%K crossover on stochastic even near overbought territory also signals rising bullish momentum.
While MACD’s bullish crossover to indicate the ongoing price gains to extend further.
As a result, the current upswings attempt to break above resistance of 1.0973 levels, more rallies likely upon breach above & sustenance.
On the contrary, if observe the weekly plotting the narrow range persisted for last 1 year or so, the long lasting range bounded trend prolonging again, Current upswings have gone above DMAs, bullish 7EMA.
MACD on this timeframe signals range bounded trend to prolong.
Contemplating daily technicals have shown that the bullish sentiments are resumed at current juncture, whereas the medium-term trend is still in sideway mode, hence, we like to favour short bull swings by taking positons in one touch binary calls for targets of 35-40 pips that adds leveraging effects in the payoff structure and long-term foreign traders who have their FX exposures in this pair should stay calm with hedging instruments.
Intraday speculators, you could also effectively utilize FxWirePro currency strength index that measures the performance of the basket of eight currencies on an hourly basis.
The FxWirePro Currency Index has been neutral for both EUR and CHF during mid-day Europe trading session.
Please refer below weblink for more details on indices:
