A Dow Jones note that had Commerzbank opining that cable is unlikely to breach the area around 1.5550, even if the dollar comes under pressure temporarily elsewhere. Not too sure about timeframe there, but anyways.
It’s a coincidence, because a mate of mine who is a senior technical analyst at one of the subscription services was going on about 1.5550 and how he saw it containing any rally just this past Friday. I’ve also seen the level mentioned in several other places.
This leads me to surmise two things. One, decent sell orders will be positioned in the 1.5535/50 area and two, lumpy stops could well be placed not far north of said level, maybe through 60.
At the moment though cable is down slightly on the day at 1.5460 from an early 1.5480, an early rally floundering up at 1.5503.
