It seems that that today could be the day of the awaited retest for the previous broken support of our caught classical cont8inuation pattern-descending triangle- since Cable is currently retesting its support right now. Additionally, the four-hour chart shows that Stochastic is on its way to overlap negatively as seen on the secondary image. Henceforth, we believe that the bearishness may start sooner once Stochastic overlaps. The pivotal support around 1.5370-1.5360 should be cleared to confirm the intraday bearishness; whilst 1.5555 should act as a ceiling for sellers today.
The trading range for today is among key support at 1.5230 and key resistance at 1.5630.
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, selling the pair below 1.5370 targeting 1.5125 and stop loss above 1.5555 might be appropriate.|