The cable has formed a perfect hammer at the 1.60 support level today. Because of this, support looks to be winning at the moment. This pair has traded fairly choppy in the recent months, and this week shouldn’t be an exception. This bar, if broken to the upside, could lead us up as high as 1.64 or farther. A break below should see the 1.58 support level tested.
Written by ForexMansion.com