The pair has currently broken supports at 1.0940 levels.
Current prices dropped below 7 & 21DMAs that means weakness to prolong.
The southward travel upto next support at 1.0904 is quite possible.
In contrast, on weekly plotting, a gravestone doji pattern at 1.1048 levels evidences the weakness again in this pair, we could now see resultant effects in current the slumps dropped in the narrow range trend.
Notably, this range has lasted almost for 6 months, but the moment when it breached the above mentioned Gravestone doji pattern is occurred. That is from where it's been drifting down.
This bearish pattern has brought the trend back into range, narrow range creates opportunity for speculators though strangle shorting and intraday trader through one touch binary puts for southward targets of 25-30 pips with ease.
Weekly RSI on weekly is currently trending at 59 levels, while stochastic curves a shy below 40s that signals indecision but linear movements.
But MACD hints the upcoming trend is likely to prolong in the same range like we've been seeing from last 6 months. Long term FX investors may get good hedging arrangements capitalizing on this signal.
Nevertheless, short term bears can eye on shorts in near month futures for targets of 80-100 pips with stiff stop loss of 1.0978, thereby it establishes the attractive risk reward ratio.
Current prices dropped below 7 & 21DMAs that means weakness to prolong.
The southward travel upto next support at 1.0904 is quite possible.
In contrast, on weekly plotting, a gravestone doji pattern at 1.1048 levels evidences the weakness again in this pair, we could now see resultant effects in current the slumps dropped in the narrow range trend.
Notably, this range has lasted almost for 6 months, but the moment when it breached the above mentioned Gravestone doji pattern is occurred. That is from where it's been drifting down.
This bearish pattern has brought the trend back into range, narrow range creates opportunity for speculators though strangle shorting and intraday trader through one touch binary puts for southward targets of 25-30 pips with ease.
Weekly RSI on weekly is currently trending at 59 levels, while stochastic curves a shy below 40s that signals indecision but linear movements.
But MACD hints the upcoming trend is likely to prolong in the same range like we've been seeing from last 6 months. Long term FX investors may get good hedging arrangements capitalizing on this signal.
Nevertheless, short term bears can eye on shorts in near month futures for targets of 80-100 pips with stiff stop loss of 1.0978, thereby it establishes the attractive risk reward ratio.
