- Currently the cable is trading round 1.5356 levels, it is set to decline further towards 1.5300 later towards 1.5220 levels in the short term.
- To the upside, the strong resistance can be seen at 1.5435 (August 31st high), a break above this level would expose to cable to next resistance level at 1.5508(August 27th high).
- To the downside immediate support can be seen at 1.5305, a break below at this level will open the door towards next level at 1.5261 (50% Retracement Levels).
Recommendation: Go short below 1.5390, targets 1.5300, 1.5260, SL 1.5480
Resistance Levels
R1: 1.5351 (23.6% Retracement Levels)
R2: 1.5435 (August 31st high)
Support Levels
S1: 1.5305 (38.2% Retracement Levels)
S2: 1.5261 (50% Retracement Levels)
S3: 1.5221 (50% Retracement Levels)