Morning Report

The sideway range continues dominating the cable's trades between 1.6335 and 1.6185. We see that these sideway trades were able to gain bearish momentum that supports the resumption of the bearish direction that requires the breach of this support's range at 1.6185. From here we expect a bearish intraday direction for today, where its main targets are around 1.6085 - support level for the descending channel -. Note that,that the bearish short term direction will prevail if 1.6610 is not breached.

The trading range for today is among the key support at 1.6085 and the key resistance at 1.6500.

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

Monthly report Weekly Report

RecommendationBased on the charts and explanations above our opinion is selling the pair from 1.6315 targeting 1.6185 and stop loss above 1.6405, might be appropriate.

Forex Trader Library
Receive over 15 hours (8 CD's) of our best Forex trading education in one package! Containing the newest Advanced Forex CD, this education pack focuses on exactly what you need to know to become a successful Forex Trader.