After attempting to incline last Friday; the cable reversed to the downside to close at the key support at 1.6270, which may result in further decline confirmed by the breach of the level. We expect the pair to continue declining today targeting 1.5925 ,as far as 1.6270 remains intact. Note that the stochastic is in an oversold area, which may result in volatile trading around the key support at 1.6270 before gathering enough bearish momentum.
The trading range for today is among the key support at 1.5925 and the key resistance at 1.6625
The general trend is to the upside as far as 1.4840 remains intact with targets at 1.7100