Cable inclined clearing 61.8% Fibonacci retracement of the impulsive wave from 1.6165 to the significant low of 1.5230 once more and now, it is approaching 76.4% level of the aforementioned wave gradually. In fact, the potential Elliott count remains valid and it may bring a huge bearish wave but yesterday's violent and fast upside wave forces us to stay aside today. Furthermore, the RSI 14 studies over daily basis warn of lackluster momentum behind yesterday's bullish move.Watching out the price behaviors around 1.5975 becomes very important for short term traders.
The trading range for today is among key support at 1.5630 and key resistance at 1.6165.
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 an actionable setup presents itself to pinpoint the upcoming big move.|