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The spot rate is presently testing the intermediate support of its medium term bearish channel at 1.6090 and is expected to rebound. However, a break through this level will trigger a decline to the lower limit – 1.6050.
Technical indicators do not provide clears signals but until the support is not broken the assumption of a rebound is most likely . Bollinger bands have greatly tightened in recent days showing a decline in volatility and the imminence of a violent movement.
According to previous events the market will provide a bullish opportunity at the level of 1.6090 with1.6150 and 1.6170 considered as first targets. In case the level 1.6070 is passed through, the proposed scenario will be cancelled.
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