After the soft data had hit the wires, the cable drifted to a 4-month low testing its fortune near the short-term strong supports. The pair is trading just 20 pips away from the crucial support zone. As of now, in early Asia's session, the pair made a low of 1.6670 and trading at 1.6683.
Support 200DEma (1.6639), 200DSma (1.6659)
Parallel support 1.666 (April 15 low)
Until the pair closes above these support levels, the dead cat bounce will take place towards 1.6832 and 1.6890-1.69 even 1.70. This view is valid with sl 1.6639 on a closing basis.
On the bearish perspective, if the pair closes below 1.6639, it can enlarge its bearish image up to 1.66, 1.655 and 1.6465 levels.
For an hourly trading perspective, the prices are trading and close below the key hourly moving averages. The pair has immediate support at 1.6659-1.6639. The pair gives strong returns above 1.6790.
Resistance 1.6737 1.6766 1.6790
The material has been provided by InstaForex Company - www.instaforex.com
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