After the pair facing the stiff resistance at 0.9823 levels, it’s been oscillating between 0.9823 and 0.9775 from last 3 days, but it is currently hanging over supports at 0.9775 levels.
A decisive break-out on either side determines the next trading direction; break-out above may expose toward upside potential up to 0.9866 levels and break-out below would take it to 0.9715 levels in near terms.
Stochastic is boiling up with overbought pressures above 80 levels which is an overbought territory, while RSI is suggesting weakness.
Thus, we could see these two pivot points as a speculative range between 0.9823 and 0.9775 levels.
However, 7DMA crosses-over 21DMA which is a bullish sign, while MACD has shown a bullish crossover that is again a bulls’ favour.
Hence, a lot of puzzling happening in this pair but aggressive intraday traders can buy one touch binary puts on every rally favouring intraday bearish sentiments.
On delivery perspectives, one has to wait for the pair’s movement on a closing basis as it could not hold onto major resistances at 0.9823 levels.
The monthly trend has clearly been downtrend but this it has shown considerable recovery.
One can very well use binary options between upper strikes – 0.9832 in 1H expiries for a maximized leverage.
Using binaries, the trader has the opportunity to speculate if an asset’s price will stay within a confined price range for a certain period of time.
Please be noted that this is exclusively on speculative grounds, should not be rolled over.
The material has been provided by InstaForex Company – www.instaforex.com