Chart and patterns formed - pattern has occurred at 131.157 levels, consequently, the evidences rallies above DMAs with healthy momentum and, the stiff resistance is observed at 132.424 levels, the break-out above this stiff resistance and sustenance above is to drag rallies on DMA & crossovers.
The stern pattern signals strength, while both the leading indicators ( and curves) show upward convergence that signals the strength and healthy momentum.
On the contrary in a broader perspective, although bulls broke-out above 61.8% Fibonacci retracements but couldn't sustain, & resembling patterns occur at peaks to plummet prices below EMAs again.
Both leading oscillators ( & curves) on this timeframe signal overbought pressures. Consequently, the current prices are back between 61.8% and 50% Fibonacci levels.
Trade tips: On trading perspective, it is advisable to buy one touch binary call options using strikes at 133.087 levels, the strategy is likely to fetch leveraged yields as long as underlying spot FX keeps rising on the expiration.
Alternatively, deploy shorts in contracts of mid-month tenors with a view to arresting risks upto 129.828 or below levels.
Currency Strength Index: FxWirePro's hourly EUR spot index is flashing at 46 levels (which is ), while hourly JPY spot index was at -158 (highly ) while articulating at 08:00 GMT .