On daily chart, prices drift in whipsaws pattern at 7DMA and at resistance of 79.547 levels.

Considering previous downswings prior to the whipsaws, we may now expect slight upswings as the prices holding stronger at this juncture.

As a result, we've also traced out a "dragonfly doji" pattern candle at 79.305 levels, this bullish pattern appearing at stiff resistance signifies the pair holding stronger at this level.

Leading oscillators on daily chart, began showing convergence with these sideway swings; we believe this behaviour as bears have halted for the moment and bulls showing little interest.

RSI is currently trending above at around 40 levels, while stochastic curves have been indecisive to signal anything.

You can figure out from the monthly chart that the attempts of recovery in March month has now been showing weakness again at 79.284 by dropping below EMA curves and support at 79.547 levels as the strong supply seen at this level for this pair.

Most importantly, both leading and lagging oscillators on monthly plotting signals major bear trend continuation as converge to the ongoing price dips.

Thus, one can expect momentary gains in short term, while major trend is bias towards south, so any time bears may resume again. Instead of getting bull trapped, one can view the deceptive rallies to build below option strategy.

Trade tips: Option Tunnel Spread

No surprise if it hits 78.650 levels near term or 79.547 levels on north  in intraday terms.

But for intraday terms, we rely on stochastic and RSI and as they pop up with overbought pressures again and current prices slipping below DMAs, well, smart way to approach this pair is to deploy the option tunnel using ATM puts is structured as a binary version of a conventional put spread, i.e. long delta puts with higher strikes while writing the lower strikes for above mentioned targets on either side.

Therefore an In-The-Money tunnel would be formed of an In-the-money -0.75 delta put below the current exchange rate less an Out-Of-The-Money put above the exchange rate. The delta of -0.55 on combined position with slightly negative theta is preferred on this execution.