Please note that “Railroad pattern” occurred at the resistance of 0.6959, Gravestone & long-legged doji occurred as a result.

The recent upswings have consistently rejected below a stiff resistance of 0.6969 levels.

On a broader perspective, shooting stars is traced out 0.7282 levels that evidences the steep slumps (refer monthly charts), consequently, bearish candles with big real bodies and upper & lower shadows occurred consecutively to seem like 3-black crows.

Shooting stars evidence slumps below 7SMAs, while bulls have tested supports at 21EMA.

Rallies rejected again at a stiff resistance of 0.7241 levels and broken major supports0.7038 levels.

To substantiate this bearish stance, both leading indicators (RSI & stochastic curves) evidence the bearish convergence that signals strength and momentum in selling.

Most notably, rising volumes with falling prices would be in conformity to the major downtrend.

Trade tips:

Well, as a result of above technical reasoning, on speculative grounds we advise tunnel spreads which are binary versions of debit put spreads.

This strategy is likely to fetch leveraged yields than spot FX and certain yields keeping upper strikes at 0.651 and lower strikes at 0.6889 levels.