After the strong push to the upside; the cable returned to close yesterday below the sideway resistance range of 1.6335. Thus;returning the expected bearish scenario on more, where through the upper chart, signs of a bearish technical pattern's neckline is at 1.6230. We expect the pair to succeed at breaching it to the downside due to support from negative signs that remain appearing through the stochastic, hence we expect a bearish intraday direction that targets mainly key support levels 1.6050. Chances of this scenario will prevail if we don't witness trades stabilizing above 1.6335.
The trading range for today is among the key support at 1.6050 and the key resistance at 1.6445.
The general trend is to the upside as far as 1.4840 remains intact with targets at 1.7200.
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|Recommendation||Based on the charts and explanations above our opinion is selling the pair with the breach of 1.6230 targeting 1.6050 and stop loss above 1.6335, might be appropriate.|