Hello Traders, I’m Mani and I’m the writer of Trade 77 section, please follow me on twitter for further updates.
Cable is still above 1.5350 which is a great support level and also daily 200sma showed the same level and has empowered this support area.
In the figure above you can see that we have got daily trendline #1 on the way to the upside and I think Cable needs more strength to break above this trendline.
Meanwhile 200sma on H4 has held the price too, so I want to name 1.5630-1.5685 as possible resistant area. If price breached 1.5685 and closed above this level then I will look for 1.5830 and the ultimate level it could go is 1.6000.
For the selling action I like to go short below 1.5350 or around 1.5830. I really expect breaking of 1.5350 would make great pips to the downside.
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