Shooting star has occurred at peaks of 123.9850 levels. Consequently, previous upswings now seem to have exhausted after failure swings after this bearish pattern candle.

The upswings from last 4 consecutive weeks are absolutely exhausted after failure swings at this resistance of 124-125 levels. You could very well observe as to how the prices have tumbled from this resistance levels (refer daily charts).

Both leading oscillators signal overbought pressures, RSI reached above 70 level, while stochastic curves have also been in the overbought zone and attempting to evidence %D crossover to signal selling momentum but this has been little indecisive for now although bearish biasedness is seen at this level.

But in the major trend, after inverse saucer pattern now bears attempt to form handle pattern adjoining saucer, interim bulls exhaust at the stiff resistance of 124.4721 (refer monthly charts).

Most notably, the pair is on verge of extending handle formation adjoining inverse saucer in the consolidation phase of the major trend. You could very well observe the bears have managed to drag the slumps from the highs of 124.0940 levels to the current 117.1150 levels. This bearish sentiment is backed by momentum oscillators.

RSI (14) likely to lose buying strength below 59 levels, historically you could very well observe the leading oscillator converge to the price declines that signal the losing strength in the uptrend.

Please be noted that despite stern rallies in the recent past (from last 11 months of consolidation phase), the current MACD curves are still in bearish trajectory.

However, the previous upswings have now been absolutely exhausted after failure swings at this resistance level.

Trading tips:

Contemplating above technical reasoning, for intraday trading perspective, it is advisable to buy boundary binaries on dips upper strikes at 124.5000 and lower strikes at 123.4666 (7DMA). The speculators are likely to add magnifying effects to their yields as long as spot FX remains within these strikes on expiration.