The spot rate is currently testing the intermediate resistance of its medium term bearish channel in 1.3160 suggesting a decline. However a break of these levels would allow it to reach the upper limit of its channel to 1.3270.
Technical indicators don't give clear signals but are approaching the overbought zone suggesting a decline. Bollinger bands are much discarded to a result of the strong decrease of these days. Stabilization is expected in the short term.
According to previous events, the market indicates a bullish opportunity as soon as the spot rate will have broken its resistance in 1.3160 with a 1st objective of 1.3220, then 1.3270. A break in 1.3140 would invalidate this scenario.
No comments:
Post a Comment