Obvious bearish rejection at 61.8% Fibonacci located around price level 1.5750 pushed the pair strongly below SMA 100 which came to meet the pair around 1.5400.
Now the pair is trading below both 50% Fibo and SMA 100 which is enhancing the bears to achieve new lows.
The current daily candlestick has already stepped below 1.5270 which corresponds to the upper limit of a previous consolidation range depicted on the chart.
On the 4H chart, the same events are manifested with clearer view.
The cable is downturning within the depicted bearish channel, the upper limit of which prevented further upside movement during Tuesday.
We had obvious breakdown of 50% Fibonacci which opened the way towards 1.5275 (61.8% Fibo, previous buttom and the lower limit of the depicted channel).
Price Level 1.5275 should provide considerable demand for the pair. Hence, a valid buy entry may be taken there conditioned that we see valuable price action there.
No speech of bullish retracement before fixation above 1.5380 (50% Fibonacci) again.
Trading recommendations:
As a counter-trend opportunity, buying the pair at the current levels remains valid with with SL as daily closure below 1.5300 and a possible target at 1.5500 then 1.5550.
Selling the cable is recommended on visitng 1.5550 or at breakdown of 1.5340-1.5300 to the downside.
