On weekly plotting, the pair forms the triple top pattern which is bearish in nature.

With top 1 at 4.5123, top 2 at 4.5391 and top 3 at 4.5064 levels and neckline at 4.2680 levels.

Last week it has tested supports at neckline, as a result, to begin this week we see attempts of bounce back but restrained resistance at 7WMA at 4.3135 levels.

Although bulls are activated at the neckline of triple top formation in the historical levels, last three months the major trend seems to be weaker as the both leading as well as lagging indicators have been indecisive, any break above 7WMA likely to drag rallies.

Upswings may drag but capped at resistances of 4.3185 and 4.3688 levels, failure swings may bring in bearish momentum.

But for now, to favor the bulls swings that prevalent at this juncture (see daily chart) that are backed up by momentum indicators, we advocate one touch binary calls for target up to 4.3280 levels (upper BB) to leverage profits from a rise in the price of the underlying spot FX.

Alternatively, on both hedging as well as speculative grounds we encourage adding longs in futures contracts of mid-month expiries to arrest potential upside risks ahead of European elections. But maintain a strict stop loss 4.2680 levels.