Daily Slow turning down, and there is serious deterioration in price action on the 4 Hrs chart too. Good chance for the cable to come as low as 1,6660, or maybe down to 1,6610. But that is still a small correction within an existing massive uptrend.
On the the price is in a tightenning range, in between the uptrend line and the horizontal resistence. The really interesting level is between 1,6530 - 1,6610. If price breaks the uptrend and also validates a Kumo breakout on the downside, then we will see a nice downtrend to unfold, with the firt target at 1,6000.
1. Sell at mkt px with stop at 1,6770
2. Accumulate shorts in more clips between 1,6700 - 1,6780, with stops above the horizontal resistence (1,6825)
3. Buy put options with strike px between 1,6500 - 1,6550. Maturity should be 1 month or 2 months, not to get killed by the Theta very quickly.