The cable returned to ascend once again to retest yesterday's breached neckline at 1.6240, in an attempt to gain enough bullish momentum to support the suggested descending process yesterday. The MA 50 is adding additional strength to the resistance level once again -1.6240-; thus, we expect a bearish intraday direction that targets 1.6050 mainly once again and requires the four hours to close below 1.6285 to prevail.
The trading range for today is among the key support at 1.6050 and the key resistance at 1.6415.
The general trend is to the upside as far as 1.4840 remains intact with targets at 1.7200.
Weekly Report Previous ReportSupport1.61651.61001.60501.60001.5965Resistance1.62401.62851.63451.63851.6415RecommendationBased on the charts and explanations above our opinion is selling the pair with from 1.6240 targeting 1.6165 and stop loss above 1.6295, might be appropriate.