The pair has been capable of touching the full correctional level of the downside wave, started at 1.6470 to the significant trough of 1.6010, damaging our count over hourly interval-check the previous report-. Moving to the bigger time frames, we will discover that, Cable has found a very solid resistance zone which continued sending the pair to the downside since July, 29. We remind you with our previous accurate caughtbullish harmonic AB=CD pattern from 1.6745 to 1.5780 zones, where we find that 1.6470 represents 88.6% Fibonacci retracement of its CD leg. This technical obstacle should be breached to suggest more upside actions to achieve more extended targets for the CD leg. The biggest warning comes from RSI 14, which the pair always acts in response with its signs. Therefore, we will be neutral, at least during the morning session until we see how the pair will behave around the sensitive areas of 1.6470
The trading range for today is among key support at 1.6070 and key resistance at 1.6680.
The general trend over short term basis is to the downside, targeting 1.4225 as far as areas of 1.6875 areas remain intact.
|Recommendation||Based on the charts and explanations above our opinion is, staying aside until a clearer sign appears to pinpoint the upcoming big move.|