Yesterday, bears tried to clear the initial support at 1.5785 but they failed as Cable moved higher after attacking 1.5790 zones. Having a look at the daily closing, we can see how it was achieved exactly at SMA 200 and thus, we can't classify it as a confirmed positive closing. In the interim, Stochastic started to show sign of bullish momentum weakness. The technical situation is very sensitive due to facing the key resistance of 1.5925-1.5935 and thus, we will watch out the price behaviors over intraday basis; a break above the aforesaid level will ease the path towards the highrecorded in October, 2011 at 1.6165. Conversely, coming back below 1.5785 will damage bulls' attempts to take SMA 200.
The trading range for today is among key support at 1.5730 and key resistance at 1.6165.
The general trend over short term basis is to the downsidetargeting 1.4225 as far as areas of 1.6875 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.|