The spot rate is currently testing the intermediate support of its medium term bearish channel at 1.5860 suggesting a rebound. However, a break through this level will trigger a decline to the lower limit – 1.5020.
Technical indicators provide sell-signals but until the support is not broken the assumption of a rebound is most likely. Bollinger bands are much discarded as a result of a strong increase these days. Stabilization is expected in a short term.
According to previous events the market will provide a bullish opportunity at the level of 1.5860 with the 1st objective at 1.5920 and then at 1.5950. A break through 1.5840 will alter this scenario.
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