The cable took the support at the 61.8 fib level and pulled back towards 20Dsma. Today, the pair opened above the previous close and looks stronger. Now, as of today, the pair has made a high at 1.6268 unable to breach previous days high . The pair has strong resistance at 1.6285 20Dsma, above this it can fly up to 1.6333 and 1.6342 levels. The cable has a strong resistance zone at 1.64-1.6415 and 1.6410 on closing basis. If a daily close is above 1.6410, the near-term view turns to positive with upside targets at 1.6465, 1.65, and 1.6563; until then sell on every up move.
For an intraday move, the pair has been facing strong resistance at 12ema or 1.6275 above this, 1.6320 will act as strong resistance. On the downside, it has support at 1.6225 and 1.6215 below these, selling pressure will lead in this pair towards the 1.62,1.6185, and 1.6160 levels.
Safe buy above 1.6320, risky traders buy at 1.63.
Sell below 1.6215.
The material has been provided by InstaForex Company - www.instaforex.com
