No significant change than in the previous report, the cable movement remains within the range of the resistance area extending from 1.5680 to 1.5830 and although the pair recorded a new High yesterday at 1.5750, it returned again to trade on the borders of 1.5700.
Key level for the day is 1.5620, a demand zone extending to 1.5580 (50% Fibonacci). Consolidation above this zone will enhance bulls to break through the new high that was achieved opening the way towards resistance 1.5830.
On the other hand, its breakdown will probably extend the downside movement towards 1.5490 ititially.
Price Zone 1.5800-1.5830 was expected to express some bearish pressure which already took place yesterday.
Price Zone 1.5580-1.5600 is a prominent demand zone (upper limit of previous congestion zone and retest zone for the confirmed 123 pattern ).
Level 1.5480 is considered a pivot point (lower limit of the congestion zone and SMA 100) that should be broken in order to initiate mid-term bearish movement again.
The expected direction remains fluctuant with bearish tendency towards 1.5620 then 1.5520-1.5490.