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As and when you could see the formations of shooting stars, there have been considerable price slumps.
These bearish patterns have occurred at 1.1967, 1.2035, 1.1951 and 1.1819 levels (on the daily chart), 1.1813 levels on monthly terms.
The trend goes weaker after frequent shooting stars formation, the current price restrained below DMAs despite today's rallies.
Consequently, the recent uptrend sentiment has been little edgy, especially during early European trading sessions.
As these bearish patterns hamper short-term uptrend sentiment, the downswings are coupled with momentum confirmation from the leading oscillators. Both RSI and stochastic curves have been converging downwards.
While both lagging indicators have been indecisive (refer daily chart).
On a broader perspective, the bull swings have managed to break range resistance, although the short-term trend seems slightly edgy upon shooting star formation, the rallies likely to drag only upon support at 7EMA. And 7EMA crosses over 21EMA which is a bullish EMA crossover to indicate the continuation of consolidation phase in the major trend.
Currency Strength Index: FxWirePro's hourly EUR spot index is gaining traction ahead of this week’s ECB meeting, displays shy above 55 levels (bullish), while hourly USD spot index was inching higher towards 88 (highly bullish) at the time of articulating (at 07:15 GMT). For more details on the index, please refer below weblink:
http://www.fxwirepro.com/currencyindex.
Hence, bulls may resume any time upon these indications.
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Trading tips:
On intraday speculative grounds, contemplating above technical reasoning, we advise tunnel spreads which are binary versions of the debit put spreads.
This strategy is likely to fetch leveraged yields than spot FX and certain yields keeping upper strikes at 1.1778 (21DMA) and lower strikes at 1.1718 levels.
