- Pull back in the range of 1.5590 should be viewed as advantage for selling opportunities.
- To the upside, the strong resistance can be seen at 1.5601 (61.8% Retracement level), a break above this level would expose to cable to next resistance level at 1.5640 (July 30th high).
- To the downside immediate support can be seen at 1.5548 (38.2% Retracement level), a break below at this level will open the door towards next level at 1.5526 (July 28th lows).
Recommendation: Go short below 1.5580, targets 1.5530, 1.5470, SL 1.5670
R1: 1.5573 (July 23rd high)
R2: 1.5601 (61.8% Retracement level of 1.5686 and 1.5463)
R3: 1.5641 (July 30th high)
S1:1.5548 (38.2% Retracement level)
S2:1.5526 (July 28th lows)
S3:1.5490 (July 27th lows)
The material has been provided by InstaForex Company – www.instaforex.com