The cable pair fell slightly during the session on Tuesday, testing the support that had been shown from the Monday session in the form of a hammer. This hammer of course suggests that the market is supported in this general area, roughly defined as the 1.64 handle. We still believe this market is bullish, and therefore are buying on a break of the highs of the session. We think that the 1.65 level will continue to offer resistance, but at the end of the day the market should continue on towards the 1.70 handle, given enough time.
Written by FX Empire