On the , despite last three-four days bulls taking support at 1.0350 levels and attempting to bounce, the prices are restrained below 7DMA.
Well, considering the broader picture, the downswings have been slipping through sloping formation, every price bounces were rejected at resistance and every dips were supported at baseline.
swings on weekly terms, form at around resistance of 1.0750 levels with top 1 at 1.0771 and top 2 at 1.0764 levels.
Bulls unlikely to break resistances of 1.0493 & 21EMA, instead, expect more slumps on crossover, momentum indicators to substantiate
points: 1.0750, 1.0771 on northwards and 1.0350, 1.0235 levels on southwards.
The current prices have remained well below EMAs, while evidences crossover below zero level, so we foresee swings to be prolonged.
Both leading indicators ( & ) on both time frames are signaling selling sentiments. evidences the downward convergence with the ongoing price dips that signifies the strength in the , (currently, trending below 42 and 44 levels on daily and weekly terms respectively).
While curve at 20 levels which is oversold zone has not been evidencing any %K crossover, but the intensity on weekly terms. This leading oscillator has been decisive.
Well, having said that we wrap up with concluding note, short-term bulls can speculate this pair whereas long-term investors at current juncture contemplating above indications, we advocate shorting contract of mid-month or near month expiries for target towards 1.0325, 1.03 or even 1.0235 levels cannot be ruled out upon breach of 1sttwo targets.
Writers in a contract are expected to maintain margins in order to open and maintain a short position.