If you checked our weekly report, you will findthat we have hinted the momentum resistance areas of Stochastic as resistance for Cable's upside rallies over daily basis. Indeed, Stochastic has adopted a favorable reaction to this probability as it overlapped negatively with the long black candlestick formed yesterday under the negative pressure from moving averageswhere the closing was seenbelow 23.6% Fibonacci of the entire downside wave from 1.6615 to 1.5270. Henceforth, the bearishness is still favored over intraday basis and a break of 1.5420 will weaken the pivotal support around 1.5360.
The trading range for today is among key support at 1.5180 and key resistance at 1.5780.
The general trend over short term basis is to the downside, targeting 1.4225 as far as areas of 1.6875 areas remain intact.
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|Recommendation||Based on the charts and explanations above our opinion is, selling the pair around 1.5515 targeting 1.5270 and stop loss above 1.5690 might be appropriate.|