The cable returned to test the support levels of the breached sideway range yesterday at 1.6185, in an attempt to bullishly correct for the last bearish wave. The stochastic is showing positive signs that support expectations in achieving a possible bullish intraday ,targeting 1.6330 zones. A break of 1.6110 is to weaken the chance of achieving this expected ascend.
The trading range for today is among the key support at 1.5990 and the key resistance at 1.6410.
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 buying the pair with the breach of 1.6185 targeting 1.6330 and stop loss below 1.6110, might be appropriate.|