Cable hasn't closed beneath 1.61 since the 14th and its low has stayed above 1.61 since last Friday (although it was within two pips of it yesterday) so as it approaches the support of price and the two uptrend lines from January, I might look at a buy. The stop can be tight. The potential targets are 1.6276/83, 1.6300, and 1.6465.
A close below 1.6100 suggests support at 1.6033, 1.6008/00, 1.5965/44, 1.5832/10 and 1.5747.
Here's the three-hour chart:
© Dianne Fecteau, 2011. No part of this material may be reproduced in any form, or referred to in any other publication, without the express written permission of the author.
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