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The short term trend goes in range after shooting star formation at 1.1776 levels, whipsaws pattern most likely going forward given the same trend persists (daily chart).
It is now attempting to slide below a strong support exactly at 21DMA levels, and the breach below would likely to test next strong support at 1.1630 levels.
While in a broader perspective, the upswings in the major trend likely to extend as the bulls managed to break range resistance although the short term trend slightly edgy, but still the prevailing prices on the verge of 2-years highs, rallies likely to drag on most likely bullish EMA crossover (see monthly chart).
More rallies cannot be disregarded as the strength in the major trend may retest 2 years highs of 1.19 levels again.
The long term trend backed by both momentum and trend oscillators.
7EMA has crossed over 21EMA which is the bullish crossover, the current prices have also gone beyond EMAs and sensing healthy bullish momentum we foresee northwards journey upto next stiff resistance at 1.19 levels.
To substantiate this bullish stance, MACD, on the other hand, signals the extension of the bullish trend (refer monthly charts).
On the contrary, momentary dips in short run may puzzle as exhaustive overbought sentiments that are signaled by the stochastic oscillator. This leading oscillator has been constantly converging downwards but historically RSI at this juncture has shown little strength. While stochastic curves have also signaled indecisiveness (refer daily chart).
MACD, on this timeframe, indicates the prolonged price slumps.
Trade tips:
Contemplating technical reasoning, on hedging grounds, it is advisable to go long in futures contracts of mid-month tenors.
This long position should be entered in with a view to arrest upside risks upto 1.19 levels keeping a strict stop loss of 1.15.
Currency Strength Index: To substantiate our above technical analysis, FxWirePro's hourly EUR spot index has also shown a -3 (which is the absolutely neutral indication), while hourly USD spot index was at -81 (neutral) at 05:39 GMT. For more details on the index, please refer below weblink:
http://www.fxwirepro.com/currencyindex.
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