The cable is has broken strong support level at 1.5301 and is approaching to test next support level at 1.5261. A breakout at the said resistance level will unleash a strong bearish momentum which may drag the pair all the way towards 1.5218 (61.8% Retracement level).
- To the upside, the strong resistance can be seen at 1.5301, a break above this level would expose the cable to next resistance level at 1.5351.
- To the downside immediate support can be seen at 1.5261 (50% Retracement level) , a break below at this level will open the door towards next level at 1.5218 (61.8% Retracement level).
Recommendation: Go short below 1.5300, targets 1.5250, 1.5220, SL 1.5400
Resistance Levels
R1: 1.5301 (38.2% Retracement level)
R2: 1.5351 (23.6% Retracement level)
R3: 1.5438 (Aug 31st high)
Support Levels
S1: 1.5261 (50% Retracement level)
S2: 1.5218 (61.8% Retracement level)
S3: 1.5188 (June 5th high)
