The spot rate is currently testing the upper limit of its medium term bearish channel in 1.5770 and seems to initiate a decline. However a break of these levels would free up significant potential and initiate a bullish trend.
Technical indicators provide sellers with signals suggesting a decline in the short term. Bollinger bands are much discarded to a result of the strong decline of these days. But until that the resistance is not broken the assumption of a stabilization is most likely
According to previous events, the market indicates a bullish opportunity as soon as the spot rate will have broken its resistance in 1.5770 with a 1st objective of 1.5850, then 1.5870. A break in 1.5750 would invalidate this scenario.
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