The spot rate is currently testing the intermediate support of its medium term bearish channel in 1.3080 indicating a possible rebound. However, a breakdown of these levels will entail a decline to its lower limit in the point 1.2980.
Technical indicators provide sellers signals but approaching to the oversell zone confirms the assumption of a rebound. 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 levels of 1.3080 with 1.3140 and 1.3160 seen as first objectives. In case the level 1.3060 has been passed through, the proposed scenario will be reversed.
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