The spot rate is currently testing the upper limit of its medium term trading range at 1.5770 and seems to initiate a decline. However, a break through these levels will release a good potential and initiate a violent bullish trend.
Technical indicators do not provide clears signals but approach an overbuy zone supporting the assumption of a decline. 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 as soon as the spot rate has broken through its resistance of 1.5770 with the 1st objective at 1.5830 and then at 1.5850. A breakthrough 1.5750 will invalidate this scenario.
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