Morning Report

The cable continued its pressure on the main resistance at 1.6605, through the bullish short term wave that is stable within the ascending channel asshown in the image above. A bullish technical pattern appearswith a neckline that meets the resistance of 1.6605; thus adding more strength to this level. Today, we expect this level to be breached, hence paving the way to a bullish direction over an intraday basis for today targeting first 1.6760 to maintain chances of continuing this expected upside trend.

The trading range for today is among the key support at 1.6350 and the key resistance at 1.6900.

The general trend is to the upside as far as 1.4840 remains intact with targets at 1.7100.