The cable managed to stabilize within trades abovethe brokenpivotal resistance of1.6240 that will currently turn into support. The pair is nearing the main primary target that is presently declining towards 1.6355. meanwhile, momentum indicators are showing overbought signs which could pressure the pair to achieve some bearish movement to rid of these signs and retest the breached resistance level and then rebound to the upside to achieve the expected bullish direction over an intraday basis; where its main targets is the breach of 1.6355 and then pave the way to head towards 1.6550. The four hour close remains below 1.6240 could weaken chances of achieving an ascend for today.
The trading range for today is among the key support at 1.6065 and the key resistance at 1.6550.
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 1.6240 targeting 1.6355 and stop loss below 1.6150, might be appropriate.|