Cable’s sharp recover from the low of 1.2034 on Wednesday followed by a move higher to 1.2250 levels today in the wake of an oversold monthly RSI suggests a potential for an extended rally to 1.24 handle.
Also note, the area below 1.21 handle acted as a strong buyers’ zone throughout October 2016. The pair’s rebound from 1.2034 yesterday only adds credence to sub 1.21 area as strong support zone.
On the lower side, only a daily close below 1.20 would revive bearishness.
Also note, the area below 1.21 handle acted as a strong buyers’ zone throughout October 2016. The pair’s rebound from 1.2034 yesterday only adds credence to sub 1.21 area as strong support zone.
On the lower side, only a daily close below 1.20 would revive bearishness.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.