On weekly charts, despite upswings are seen from last two weeks from the lows of 1.0569 levels, but struggling to break out a stiff channel resistance, the breach, and sustenance above these levels would likely drag the rallies upto 1.08 levels (next immediate resistance levels).
While the current prices have gone well above 21EMAs on weekly but restrained below 21EMAs on monthly plotting.
But on a broader perspective, the major trend still goes in non-directional, the consolidation phase in the major downtrend seems to be continued and stuck in range (see the rectangular area on monthly charts).
Although EURUSD spiked from range support, it has remained well below and been struggling to bounce further above 21EMA levels on the monthly chart; as a result, the major downtrend still seems to be intact.
indicates indecisiveness to the short uptrend that is prevalent on monthly terms.
While curves have also been indecisive at oversold zone (on monthly terms).
Same has been the case on , this lagging oscillator indicates indecisiveness on monthly terms but remains slightly biased on the . Overall, you see no traces of indications of robust uptrend at this juncture.
On intraday terms, as both and noise with strong momentum in buying interests as they are converging to the ongoing upswings, we advocate staying long via one touch binary call options for a target of 40-50 pips. On the flip side, stay short in mid-month on hedging grounds as more slumps are on the cards in the months to come as the risks are likely to accumulate on Fed’s hiking cycle.