Despite achieving a daily closing above SMA 20 and above the initial resistance-previous support- seen on the main daily graph but we can see how SMA 50 is negatively pressuring Cable. In the interim, the four-hour chart shows a potential continuation classical pattern that may force the pair to move lower once again. The awaited weakness will not be activated unless the pair hits the pivotal support areas around 1.5370-1.5360. Conversely areas between 1.5555 and 1.5585 should protect the sellers.
The trading range for today is among key support at 1.5230 and key resistance at 1.5680.
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.|