Istvan Varkonyi
Marketprog Ltd.
Hourly chart: Last week we saw some impressive gains, but the $1,6650 level proves to be problematic. The exchange rate has reached the point where it needs to decide whether it goes for a correction after this gain or if it climbs higher after this brief stagnation. The key levels are at $1,6625, at the support trendline, and at $1,6660. If it breaks down below the former then we should see a correction all the way to $1,66 but in case of a breakout above the latter then the cable might inch higher, targeting the far away rate of $1,6755.
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