The rejection at the stiff resistance of 1.5090 levels evidences slumps, historically, you could make out the prices have tumbled as it failed to break out above this level.
Even if you see any abrupt rallies that seem to be unlikely to sustain above 7-DMA levels for today (refer daily chart).
Moreover, the occurrence of Gravestone doji at 1.4980 levels is substantiating the bearish sentiment, breach below DMAs to bring in more dips.
On a broader perspective, the major trend has been sliding southwards in a sloping channel, the upswings have now been rejected by cautious bears at the same channel resistance, but foresee extended upswings upon break-out above channel resistance.
To substantiate the prevailing bearish stance both leading indicators are popping up with overbought pressures.
Whereas 7EMA crosses above 21EMA which is a bullish EMA crossover, hence, it is deemed that the chances of the extended bullish trend are still on the cards but wait for the better clarity if it manages to break out and sustain above this channel resistance.
Having said that, we conclude by stating, overall, the major trend seems little edgy, while the short-term trend may intensify bearish sentiments upon sliding below 21EMA levels.
Contemplating major bearish trend and prevailing bearish sentiments, on both trading and hedging grounds, capitalizing on prevailing rallies it is advisable to stay short in futures contracts of mid-month tenors with a view to arresting downside risks in the underlying spot movements.
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