Cable has entered in this strong consolidation phase between 1.40500 and 1.42421. These recents moves have allowed the 50MA to sloping up and act now as a strong level of support.
MACD, despite decreasing for the last month is showing now a better momentum that could support an upside move. The RSI is now at 50, level that acted before as support for moves to the upside.
For the short term, we remain bullish given the recent test of 1.40500.
Entry 1.41000.
Target 1.4200.
Stop-loss 1.4050.
The information contained in this article and the resources available is not intended as, and shall not be understood or construed as, financial advice. The opinions expressed are from the personal research and experience of the author.
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