Yesterday’s plunge to the 1.3330 level with the subsequent return to the 1.3400 mark points out that fluctuations of the cable are framed by the minor symmetrical triangle pattern.
Theoretically, a combination of the weekly and monthly PP strengthened by the 55-hour SMA should a necessary support for a breakout to the top. However, previous trading session showed that traders are rather neglecting these technical indicators.
Accordingly, these ups and downs are likely to continue until the pair an impulse from some fundamental event, such as final adoption of tax reform by the Congress. In support of this assumption, the pending orders in 100-pip range are equally split between buys and sells.
