Thereby, the selling sentiments are intensified as it is backed by both momentum & trend indicators.
and curves have constantly been converging downwards to the ongoing price dips to indicate the strength and the intensified momentum.
Most notably, 7DMA crosses below 21DMa which is a DMA crossover signals extension of swings. While also substantiates the same, lagging oscillator evidences crossover to indicate the price slumps to prolong further.
On a broader perspective, the rejection at the stiff resistance of 1.5678 levels forms and pattern candles at 1.5622 and 1.5671 levels respectively that in turn evidences slumps below 7EMAs to hamper the consolidation phase in the major trend (refer weekly plotting).
Historically, you could make out the prices have tumbled as it failed to sustain above this and how the price behavior has been upon the occurrence of the and patterns.
Most noticeably, the selling sentiments are backed by both momentum & trend indicators on this timeframe as well.
The intermediate trend is all set to slide southwards to hamper the buying sentiments in the consolidation phase.
Nonetheless, extended upswings could only be expected upon a decisive break-out above stiff resistance of 1.5678 levels.
Having said that, we conclude by stating, overall, the major trend seems slightly edgy for now, while the short-term trend may extend streaks on intensified momentum.
Contemplating prevailing sentiments, on trading grounds, it is advisable to snap deceptive rallies and deploy tunnel spreads with upper strikes at 1.5374 and lower strikes at 1.5286 with a view to arresting bet further dips.
Alternatively, at spot reference: 1.5331, contemplating lingering indications, on hedging grounds we recommend shorting near-month month as the underlying spot FX likely to target southwards 1.51 levels in near run.
Writers in a contract are expected to maintain margins in order to open and maintain a short position.
Currency Strength Index: FxWirePro's hourly EUR spot index is flashing at -51 (which is ), while hourly AUD spot index was at 159 ( ) while articulating (at 10:42 GMT ).