The spot rate is approaching the lower limit of its medium term bullish channel at 1.3290 suggesting a rebound. However, a break of these levels will free a large potential and entail a bearish channel.
Technical indicators provide buy-signals supporting the assumption of a rebound in the short term. 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 indicates a bullish opportunity at 1.3290 with the 1st objective of 1.3350, then 1.3370. A break through 1.3270 will invalidate this scenario.
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