The pair is trading around 1.0867 levels and it is expected decline further towards 1.0800 and 1.0770 levels in the short term.
The short term picture depicts further decline for this pair, as the in the 4 hour chart is indicating downwards, the 55, 30 and 20 MA’s are pointing towards downwards. Overall the technical indicators are depicting momentum for the pair.
To the upside, the strong resistance can be seen at 1.0945, a break above this level would expose the cable to next at 1.0980.
To the downside immediate support can be seen at 1.0833, a break below at this level will open the door towards next level at 1.0770.
Support levels: 1.0833 1.0770 1.0703
Resistance levels: 1.0893 1.0945 1.0980
Recommendation: Go short around 1.0890/1.0910, targets around 1.0830/1.0770, SL 1.0980