published first on be-selftrader.com forum

Cable

In weekly research, I've talked about weekly Pivot point as a beacon for future price action. Market couldn't passed through it and collapsed.
On the daily chart the next support is 1.5305 - 1.5320. It includes weekly Pivot support 2 and Fib. support. And I think that this area should be reached
On the hourly chart I see strong sell-off currently. Market has passed through 100% expansion from ABC-top pattern, like it no exist and reached 1.27 expansion. The CD leg of move is faster than AB. It means that there is a solid probability that market will reach 1.618 expansion at 1.5278. But I prefer as my target 1.5305-1.5320 area.
So, I would like to enter short on retracement. The possible area to watch for - 1.5426-1.5460. In includes weekly pivot support 1 and monthly pivot point (look at weekly research), 1.5460 - is a B point of AB leg down. So, if bears still in charge, I think this area should hold the market during retracement to the upside.
That's being said, the next target is 1.53-1.5320 area. Probably there will be a possibility to enter short at 1.5430-1.5460 area.

EUR

1.26 is a very strong support area - this is a daily Fib. support, 1.2607 - weekly Pivot support 1 and 1.2615 is a 1.618 expansion of a previous retracement. Market can bounce a bit from this area. Also on hourly chart (not shown) you can see a bullish convergence. I expect that market should reach 1.26 level before up move will start. Anyway, I would like to see some kind of thrust from this area before taking any buy signal, because the previous sell-off was really strong.