For short term traders, a stiff resistance is observed at 109.7386 (i.e. 7WMA levels).
The pattern is occurred with peak 1 at 114.370 levels, peak 2 at 114.496 levels and neckline at 108.825 levels, this price behavior is a .
The break-out below neckline likely to drag more price slumps, the current prices slid well below WMAs.
The current prices on major trend slide below EMAs again (refer monthly plotting), don't expect sharp rallies as the major trend seems to be on the verge of 38.2% Fibonacci retracements.
Well, on a broader perspective, the massive volumes formation during the course of this rout is to substantiate the major trend.
Momentum analysis: Both leading oscillators ( & curves) on both weekly as well as monthly terms have been converging downwards consistently that indicate the intensified momentum and strength in the downtrend.
Trend analysis: Lagging indicators ( , 7 & 21 DMAs and EMAs) have also been signaling price slumps to prolong further.
Trading tips: Contemplating above technical rationale, we advocate shorting contracts of mid-month tenors in order to arrest further potential slumps. But maintain strict loss at around 109.7386. Writers in a contract are expected to maintain margins to open and maintain a short position until expiration.
Alternatively, use tunnel spreads with upper strikes at 109.310 and lower strike at 108.825 levels for speculation of this pair.