Yesterday the cable managed to achieve some bullish recovery (almost 120 pips) after hiting demand zone located at 1.5380-1.5340.
As long as the bulls are defending 1.5340, the bullish retracement movement remains intact targeting at 1.5550.
The nearst supply zone is located around 1.5440-1.5460 which should be watched carefully.
Breakthrough above this zone allows the pair to reach 1.5550 initially. However, failing to do so pushed the pair again below 1.5400.
Trading recommendations:
Buying the pair near 1.5380 remains valid with with SL as daily closure below 1.5300 and a possible target at 1.5500 then 1.5550.
Selling the cable is recommended on visitng 1.5550 or at breakdown of 1.5340-1.5300 to the downside.
The material has been provided by InstaForex Company – www.instaforex.com
Yesterday the cable managed to achieve some bullish recovery (almost 120 pips) after hiting demand zone located at 1.5380-1.5340.
As long as the bulls are defending 1.5340, the bullish retracement movement remains intact targeting at 1.5550.
The nearst supply zone is located around 1.5440-1.5460 which should be watched carefully.
Breakthrough above this zone allows the pair to reach 1.5550 initially. However, failing to do so pushed the pair again below 1.5400.
Trading recommendations:
Buying the pair near 1.5380 remains valid with with SL as daily closure below 1.5300 and a possible target at 1.5500 then 1.5550.
Selling the cable is recommended on visitng 1.5550 or at breakdown of 1.5340-1.5300 to the downside.
The material has been provided by InstaForex Company – www.instaforex.com
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