FxWirePro: EUR/CAD deceptive shooting star likely to lead bear-trap, major trend goes non-directional after hammer patterns – One touch binaries to trade

Chart and candlestick patterns formed- Rising channel pattern, shooting stars at channel resistance and hammer pattern at channel baseline (on monthly plotting) and shooting star pattern has occurred at 1.5049 levels (on daily plotting).

Please be noted that the major trend has been drifting in non-directional phase after recent hammer pattern candles.

Well, for now, the supports in intermediate trend are observed at 1.5021 levels, and any break below these levels would likely to evidence the trend reversal which seems unlikely.

On the flip side, the stiff resistance is at 1.5078 levels, the bullish sentiments are backed up by both leading oscillators.

RSI and stochastic curves are converging upwards. While both lagging indicators signal extension of the uptrend.

Trade tips:

Contemplating above technical rationale, on trading perspective, it is advisable to buy one touch binary call for upside target, the strategy is likely to fetch leveraged yields as long as underlying spot keeps spiking on or before the expiry duration.

Currency Strength Index: FxWirePro's hourly EUR spot index has shown 28 (which is bullish), while hourly CAD spot index was at 9 (neutral) while articulating at 09:15 GMT. For more details on the index, please refer below weblink:

http://www.fxwirepro.com/currencyindex

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