Morning Report

The cable was able tomove above main support currently at 1.6545 and isapproachingthe horizontal resistance represented by the neckline for the bullish technical pattern, which will be completed at 1.6645. These factors make us expect the bullish short term direction to continue, which first requires the four hours to close above the mentioned neckline in addition to trading consistently remaining above 1.6545. Technical targets for the ascend start from 1.6750 following 1.6830.

The trading range for today is among the key support at 1.6405 and the key resistance at 1.6830.

The general trend is to the upside as far as 1.4840 remains intact with targets at 1.7200.

RecommendationBased on the charts and explanations above our opinion is buying the pair with the breach of 1.6645 targeting 1.6750 and stop loss below 1.6545, might be appropriate.