- The cable is has broken strong support level at 1.5647 and is approaching to test next support level at 1.5625. A breakout at the said resistance level will unleash a strong bearish momentum which may drag the pair all the way towards 1.5577 levels .
- To the upside, the strong resistance can be seen at R1: 1.5647 (61.8% Retracement Level), a break above this level would expose to cable to next resistance level at 1.5688 (Aug 17th high).
- To the downside immediate support can be seen at 1.5625 (50% Retracement Levels) , a break below at this level will open the door towards next level at 1.5603 (38.2% Retracement Level).
Recommendation: Go short below 1.5650, targets 1.5620, 1.5580, SL 1.5720
R2: 1.5688 (Aug 17th high)
S3: 1.5577 (23.6% Retracement Level)
The material has been provided by InstaForex Company – www.instaforex.com