The cable is trading below the hourly moving averages. The pair has resistance at the 1.7126 and 1.7132 levels. For a positional view, the cable has a strong resistance zone between 1.7167-1.7180. We recommend to safe buy only above the 1.7180 levels for an upside target at the 1.7330 levels. The cable has strong support at 1.70 levels. It will turn negative in the short run. If the pair hits the 1.70 level, it can fall up to the 1.6840 and 1.6670 levels.
For a weekly perspective, the pair has the nearest support between the 1.7080-1.7060 levels. We recommend to sell below 1.7060 for a downside target at the 1.70, 1.6950, and 1.6930 levels.
Positional -
Sell below 1.7060
The material has been provided by InstaForex Company - www.instaforex.com
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