The cable is attempting to retest the previouslybroken minor resistance currently at 1.6085. The last descend enabled the pair to rid of negative signs that appeared on the stochastic and that neared showing a positive reversal sign that support our previous expectations, as long as the expected bullish direction continues over an intraday basis; targeting first the breach of pivotal resistance 1.6240 and then head towards 1.6360. It is vital that 1.6005 remain intact to maintain chances of achieving this awaited ascend.
The trading range for today is among the key support at 1.5900 and the key resistance at 1.6360.
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 from 1.6085 targeting 1.6240 and stop loss below 1.6005, might be appropriate.|