In line with our yesterday's technical comment, the pair succeeded in touching the pivotal support zones of 1.5785 where the bearishness was limited. Actually, we are obliged to hold onto our neutral stance as Cable couldn’t breach the aforesaid important level. Additionally, we are not completely sure that the pair will not reach 76.4% Fibonacci level seen on the chart or the peak of the corrective structure was placed already at 1.5880. The technical situation is very complicated and the coming sessions will confirm or negate our suggested Elliott count.
The trading range for today is among key support at 1.5515 and key resistance at 1.6025.
The general trend over short term basis is to the downside, targeting 1.4225 as far as areas of 1.6875 areas remain intact.
Support: 1.5785, 1.5730, 1.5680, 1.5630, 1.5590
Resistance: 1.5880, 1.5935, 1.5975, 1.6000, 1.6025
Recommendation Based on the charts and explanations above our opinion is, staying aside until an actionable set up presents itself to pinpoint the upcoming big move.
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