Morning Report

The cable is close to achieving the awaited correction 1.6010, while the stochastic is close to showing negative reversal signs that support our previous expectations; pointing to an expectedbearish direction over an intraday basis supported also by the MA 50, as well as the minor bearish technical pattern - a rising wedge - where we await breaching its minor support level at 1.5945, to make the bearish direction process easier. It is vital that 1.6075 remain intact to maintain chances of achieving this awaited descend.

The trading range for today is among the key support at 1.5700 and the key resistance at 1.6175.

The general trend is to the upside as far as 1.4840 remains intact with targets at 1.7200.

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RecommendationBased on the charts and explanations above our opinion is selling the pair from 1.6010 targeting 1.5920 and stop loss above 1.6075, might be appropriate.