Conversely, should the market undergo a reversal and pullback, initial support emerges at 1.0725, followed by 1.0695. Vigorous defense of this floor is crucial for bulls to stave off a more significant drop; failure to do so could pave the way for a descent towards 1.0645. Subsequent losses may bring into play the April lows at 1.0600.took a breather on Thursday, displaying a lack of clear direction but maintaining a steady position above 155.00. If gains resume, resistance looms at 158.
On the flip side, if the bullish scenario fails to materialize and prices begin to head lower, the first support to keep an eye on appears at 154.65. On continued weakness, all eyes will be on 153.15, followed by 152.30-152.00, an important technical range, where the 50-day simple moving average aligns with a medium-term ascending trendline.meeting, but later recovered all losses and broke above the 1.2500 mark. If we see a bullish continuation in the coming days, resistance lies at 1.
On the other hand, if sellers mount a comeback and drive cable lower, initial support may materialize around the 1.2500 region, followed by 1.2430. Bulls will need to defend this technical zone tooth and nail; any lapse may reinforce selling momentum, creating the right conditions for a pullback towards the April lows located around the psychological mark of 1.2300.
We recommend that you seek independent advice and ensure you fully understand the risks involved before trading. Information presented by DailyFX Limited should be construed as market commentary, merely observing economical, political and market conditions. This information is made available for informational purposes only. It is not a solicitation or a recommendation to trade derivatives contracts or securities and should not be construed or interpreted as financial advice.
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