The spot rate is currently testing the intermediate support of its medium term bearish channel at 1.2620 suggesting a rebound. However, a break through this level will trigger a decline to the lower limit – 1.2530.
Technical indicators provide sell-signals but are approaching the oversell zone supporting the assumption of a rebound. Bollinger bands are much discarded as a result of a strong decline these days. Stabilization is expected in a short term.
According to previous events the market will provide a bullish opportunity at the level of 1.2620 with the 1st objective at 1.2680 and then at 1.2700. A break through 1.2600 will alter this scenario.
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