The pivot support at 1.5935 was able to limit declines for the cable as it is currently heading towards the resistance at 1.6020, which may be forming a neckline for a possible bullish technical pattern, seen in the image above. Positive signs are witnessed on the stochastic indicator supporting our expectations for an incline on the intraday basis, after the breach of the mentioned level with initial targets near 1.6200. This scenario remains valid as far as 1.5835 is intact.
The trading range for today is among the key support at 1.5550 and the key resistance at 1.6300
The general trend is to the upside as far as 1.4840 remains intact with targets at 1.7100
|Recommendation||Based on the charts and explanations above, our opinion is buying the pair with the breach of 1.6020 to 1.6200 and stop loss below 1.5935 might be appropriate.|