Cable has plummeted forming a confirmed reversal candlestick formation- evening doji star- as seen on the provided daily chart. Furthermore, Stochastic has overlapped negatively confirming the negative divergence discussed in yesterday's reports .Now, the pair is hitting very solid support at 1.5890 opening the door towards the most important support levels for bears at 1.5785-1.5780. We will follow the reversal pattern proposing additional bearish actions over intraday basis.
The trading range for today is among key support at 1.5630 and key resistance at 1.6075.
The general trend over short term basis is to the downside, targeting 1.4225 as far as areas of 1.6875 remain intact.
|Recommendation||Based on the charts and explanations above our opinion is, selling the pair around 1.5925 targeting 1.5730 and stop loss above 1.6060 might be appropriate.|