The minor trend of EURUSD manages to break-out above range (refer 4H chart in the rectangular area), consequently, the current prices have spiked above 7SMAs. For now, the upswings are most likely to extend further upon intensified momentum & crossover.
On a broader perspective, bulls in the major trend spike well above EMAs but the occurrence of shooting stars hamper buying sentiments. But we had earlier stated that never conclude the signal in an isolation as both leading & lagging indicators still signal strength in the uptrend.
The technical study should always be substantiated by supportive calls.
But bulls have been lingering at 3-years highs after testing supports at 7EMAs to bounce back, for now, the rallies seem to be extending further upon and crossover.
Capitalizing on the prevailing buying sentiments coupled with rising IVs, this is the right time to bid DTs calls (Double-Touch call options). One can bet about another 60-70 pips of the northward journey where the underlying pair likely to test next stiff resistance.
Currency Strength Index: FxWirePro's hourly EUR spot index is trending higher towards 25 levels (which is ) ahead of today’s ECB meeting, while hourly USD spot index was at a tad below -112 (highly ) at the time of articulating (at 05:59 GMT ).